Pension Annuity. Key features

Size: px
Start display at page:

Download "Pension Annuity. Key features"

Transcription

1

2 Helping you decide The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. What is the purpose of this document? This document is designed to give you a summary of information to help you decide if this product is suitable for you. We would recommend that you discuss your plans with anyone who may be affected by your financial decisions. Before you make a purchase, you should read this and all other related documents, including your quotations, and clarify any questions that you may have. The policy document containing all terms and conditions is available on request. A technical guide, including a glossary of terms can be found at the back of this document. If you are in any doubt about the suitability of this annuity you should seek advice from a financial adviser. 2

3 Contents 4 Is the Partnership Pension Annuity right for you? 4 Its aims 4 Your commitment 5 Risks 5 Questions and answers 9 How do I apply? 10 Other important information 11 Glossary of Terms 12 Further information 3

4 Is the Partnership Pension Annuity right for you? This product is suitable if you and/or your employer have made contributions into a pension fund during your working life and you are retiring and want to cash in this fund in return for an income for the rest of your life. The Partnership Pension Annuity is particularly suitable if your health and lifestyle may lead to a reduced life expectancy. You can buy your annuity from any provider, you don t have to buy it from the company you had your pension with. This is often referred to as the Open Market Option. Prior to exercising your Open Market Option you should fully consider any benefits that would be lost under your existing pension scheme such as Guaranteed Annuity Rates (GARS). Retail clients We categorise our clients to determine the level of protection they will receive. All clients in respect of Pension Annuities are treated as retail clients. As a retail client you receive the highest level of protection under the Financial Services Authority rules. Its aims Your commitment To allow you to exercise your open market option and transfer your pension savings to an annuity to provide a regular income for the rest of your life To give you the option of increasing your income annually to help protect your income from the effects of inflation To give you additional options for payments to continue after your death To make a single, lump sum payment from your occupational or personal pension scheme to purchase your annuity To give complete and accurate information on your application Buying a pension annuity is a once and for all decision, once you have bought one, you cannot change the terms of your annuity 4

5 Risks If you do not truthfully provide all of the information we request, your annuity may be lower than it could be If you exaggerate the extent of your smoking, you could fail the smoker test and not qualify for smoker rates Inflation will affect the buying power of the income payments you receive over time If you choose to link your payments to inflation it will increase or decrease your payments over time. In the event of negative inflation (deflation), your income would be reduced and could be lower than it was at the outset of the annuity Unless you have selected a guarantee period or dependant s benefit, annuity payments will cease when you die. This means that your income payments may be less than your total investment if you die within a short time from the start of your annuity The value of your pension fund may fluctuate and the amount we receive from your pension scheme may differ from that indicated on your quotation. Partnership is not responsible for any fall in value of your pension fund that may occur before we receive the monies to purchase your annuity. If you wish to reduce this risk you should contact a financial adviser or your pension provider Questions and answers What is a Partnership Pension Annuity? In return for a single payment, we will pay you a regular income for the rest of your life. Details of your income are contained in your illustration or quotation. The income does not depend on the performance of any investments. When calculating the amount of income you can receive from your annuity, Partnership will take into account any medical information or details about your lifestyle (e.g. smoking) you have provided. As a result, we can often offer you a higher income than an annuity based on standard lives. There will be no return of capital to your estate from your annuity when you die, regardless of when that happens, but there are additional options you can select that allow your beneficiaries to receive an income or a lump sum payment after your death. These are explained in greater detail opposite. What is a Guaranteed Minimum Pension? A Guaranteed Minimum Pension (GMP) is the minimum pension which a UK occupational pension scheme has to provide for those employees who were contracted out of the State Earnings Related Pension Scheme (SERPS) between 6 April 1978 and 6 April The cost of providing a GMP is shown on your illustration or quote if it is applicable. This sum must be used to provide a Guaranteed Minimum Pension. A GMP annuity will automatically provide a 50% dependant s pension for male applicants and a 50% dependant s pension on the GMP accrued after 6 April 1988 for female applicants. 5

6 How much income will I receive from my investment? The income you will receive is based on a number of factors, for example, the size of your investment, your state of health and/or how much you smoke at the time you apply. If you select any additional options such as escalation or any of the protection options, your initial income payments will be lower. Your income payments will commence when we have issued acceptance terms and have received your pension fund. What can I do to help protect my income against inflation? Inflation will reduce the purchasing power of your income over time. To protect the value of your income against the effects of inflation you can choose to increase or escalate your income each year. If you choose this option the starting level of income will be reduced. The higher the level of escalation, the lower the level of starting income. If you select this option it cannot be changed once the annuity starts. Fixed rate escalation You can choose to increase your income each year by a fixed rate of between 1% and 10% per annum. Inflation linked Linking your income to inflation means that your income varies in line with the Retail Price Index (RPI). If you do not opt to have any inflation protection and live a long time, the real value of your income payments may be less overall. Can I protect my investment in case I die early? Guaranteed Period Selecting this option guarantees that the income will be paid for between one and ten years from the start of your annuity. This means that, should you die within this time, your beneficiaries will continue to receive a regular income at the same rate as yours. Value Protection Value Protection allows you to protect up to 100% of your initial investment for a given period of time. The amount of your investment, less gross income already paid, will be paid to your next of kin if you die before reaching age 75. It only covers you until age 75, at which point the cover will cease. Value Protection cannot be taken with a Guaranteed Period and cannot include a Guaranteed Minimum Pension. If you have a single life annuity and die before you are 75 with a Value Protected amount remaining, a lump sum will be payable. 6

7 The payment is subject to a death benefit tax charge of 55% which Partnership will deduct and pay prior to paying out the lump sum. If your annuity continues to your dependant and if you die before you are 75, your income will continue to be paid to your partner and the Value Protected amount will continue to decrease in line with the gross income payments made. On the death of your dependant, regardless of when that occurs, if there is a Value Protected amount remaining it will be paid as a lump sum to your estate and taxed as above. If you are considering this option you should seek professional financial advice. Can I provide an income for others when I die Dependant s Benefit You can choose for up to 100% of your annuity income to be paid to your dependant, in the event of your death, for the rest of their life. Please see the technical guide for details of eligible dependants and special rates that apply to a Guaranteed Minimum Pension, linking with inflation, guaranteed periods and value protection. If you do select the guarantee period, your dependant s income will start at the end of the guarantee period. What payment options can I choose? You can choose the frequency of your payments and whether to receive them in advance or in arrear. Choose from monthly, quarterly, half-yearly or annually. The frequency of payments will affect the amount of income you receive. i.e. the more often your income is paid, the lower the payments. Payments in advance will be lower than those in arrear. If you choose to receive your income in arrear and die between payments, there will be no payment made for the period between the last payment you received and your death. Similarly, if you choose to receive your income in advance and die between payments, there will be no recovery of payments made for the period between your death and the next payment date. Payments will be made directly into your bank or building society account. 7

8 What are the charges? All of our administration charges are factored into the cost of your pension annuity at the start and we will not make any additional charges. If you have received financial advice, you may use your plan to pay for the advice. This is known as the adviser charge and is the amount you have agreed to pay the adviser for advising on and recommending your Partnership annuity. If you have not received advice, commission may be payable to the intermediary in respect of administration or other charges incurred for arranging the plan. Commission is not a payment for financial advice and cannot be paid in conjunction with the adviser charge. Partnership will not pay an adviser charge or commission if your application does not proceed or is cancelled. What are the tax implications? A Pension Annuity is purchased with the proceeds of your pension fund, which has been accumulated from contributions which received tax relief whilst you ve been saving. Because of this, Income Tax is deducted at source on the whole amount of your annuity payments at your personal rate after taking into account your personal tax allowances. Please also see the Value Protection section. Taxation is a complex matter and differs from person to person, so if you have any queries about your tax liability, you should discuss them with a Financial Adviser. The rules governing taxation are subject to review and can change and will depend upon individual circumstances. What happens when I die? Unless the guaranteed period option or value protection option was selected or dependant s benefit is payable, your payments will cease. Your estate must contact us immediately either by telephone or in writing to let us know. Contact us by telephone: Or write to us at: Partnership Mowden Hall, Staindrop Road, Darlington DL3 9AX. What happens if I change my mind? You will receive a notice telling you of your right to change your mind and how to cancel. You will have 30 days to cancel your annuity. If you do decide to cancel within the 30 day period we will refund the money in full to your pension fund provider(s). If we ve already paid any money to you including any tax free cash and income payments, you ll need to repay it to us before we can return it to your pension fund provider(s). We cannot cancel your policy until any money that has been paid to you is returned. If we do not receive your cancellation notice together with the money that has been paid to you within the 30 day period, the cancellation period will expire and you will not then be able to change your mind. 8

9 How flexible is it? Please note that, once set up, you cannot change the terms of your pension annuity. When you buy your annuity there are a number of options you can choose, such as varying income payments in line with inflation. Details of the options available with the Partnership annuity are set out in this document. Your circumstances could change after your income payments start but you won t be able to change the terms of your annuity, even if annuity rates improve. You cannot transfer your annuity to another provider after the 30 day cancellation period. How do I apply? You will need to fill out a questionnaire, which asks for information on your health and lifestyle, in order for us to accurately assess if you qualify for a higher retirement income. We may need to verify or get more information on the details you supply. To do this we may: Contact your doctor Your doctor will be able to supply us with a General Practitioner s Report (GPR). However, we will not always apply for a GPR so it is essential that any information you provide is as accurate as possible. Ask smokers to undergo a simple test We may ask you to undergo a simple test and require you to confirm how much you smoke. The test, which we will arrange and pay for, is carried out by a qualified nurse in your own home. If you fail the test and you want to take it again we may charge you a small fee for doing so. The nurse will also verify some of the information you provided. No matter what, you will not, at any time, be asked to undergo a medical examination. It is important that you let us have all the information relevant to your health and lifestyle as this will ensure you receive the correct level of income. If at any time there is found to be any mis/non-disclosure of your health conditions and the extent of your smoking habit, Partnership reserves the right to refuse your application or amend the terms of the annuity. 9

10 Other important information Law Your annuity will be governed by the law of England and Wales and your contract will be written in English. We ll always write and speak to you in English. Compensation The Financial Services Compensation Scheme will prevent a customer losing money because the insurer is unable to pay them what they owe due to financial reasons. In this event, they will arrange to transfer your annuity to another insurer, provide a new annuity or, if this is not possible, provide compensation. The scheme will ensure you will continue to receive at least 90% of your annuity payments. Further information about compensation arrangements is available from The Financial Services Compensation Scheme, who can be contacted at: The Financial Services Compensation Scheme 7th Floor, Lloyds Chambers, Portsoken Street, London E1 8BN. Telephone: or Website: Queries and complaints If you received financial advice, you should contact your adviser in the first instance. If you would like further information, or have any queries or complaints about any aspect of our service please contact: Complaints Team, Partnership, 1-3 Queensway, Redhill, Surrey RH1 1QT. If you are not satisfied with the way a complaint is handled, you can contact: Financial Ombudsman Service South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: (for fixed line telephones) (for mobile telephones) Website: Making a complaint does not affect your right to take legal action. Full written details are available on request. How to contact us You can find more information about Partnership at: You can contact us by phone, fax, or in writing using the details on the back page of this brochure. This document does not include all definitions, exclusions or terms and conditions and it should be read with your illustration/quotation and/or your policy document. All details are correct at the time of going to press (July 2013). 10

11 Glossary of Terms The following pages are designed to help explain aspects of the Partnership Annuity in more detail, particularly the rules surrounding qualification for certain options. Annuitant Is the person who receives the income from an annuity. Contracted out benefits These are pension rights you will have if you opted out of the State Second Pension (S2P formally known as the State Earnings Related Pension Scheme (SERPS)). If your pension fund relates to a period of employment when you were contracted out you would have had a Protected Rights Fund or a Guaranteed Minimum Pension (GMP), which would be shown on your illustration. Protected Rights no longer exist post 5 April 2012 and the fund will now be treated as ordinary rights. The only contracted out benefit that remains is GMP. Dependant s annuity An annuity that continues to pay income to a dependant after the death of the main annuitant. This is issued as a joint lives last survivor annuity. Guaranteed Annuity Rates This refers to a pre-determined level of income as a percentage of your pension fund. Guaranteed Minimum Pension If you were a member of a contracted out final salary pension scheme between 6 April 1978 and 6 April 1997, your pension fund may include a Guaranteed Minimum Pension. This is the minimum pension which the pension scheme has to provide for those people who contracted out during this time. The amount is broadly equivalent to the amount the employee would have received in State benefits if not contracted out. Lifetime Annuity Pension annuity held by the annuitant or employer to provide retirement income for the life of the annuitant. Limited price indexation (LPI x%) Applying limited price indexation to your annuity increases your pension in line with inflation but limiting the maximum increase in any one year to the amount shown. For example, LPI3% would increase your income each year by the lesser of the rate of inflation or 3%. 11

12 Pension fund The proceeds of a pension savings plan or occupational pension scheme. Pension Sharing Order This is a Court Order issued to distribute pension assets between parties following a divorce or dissolution of a registered civil partnership. Retail Price Index (RPI) The measure of inflation in the UK economy as compiled by the Office of National Statistics. The Index tracks the prices of a representative basket of retail goods on a monthly basis. Scheme Pension A retirement income provided by a pension scheme to a scheme member (this is usually a pension provided by an employer). Further Information Escalation Options Where the escalation rate stated in the Statement of Financial Terms is RPI the increase or decrease in the Annuity will be equivalent to the proportional increase or decrease in the Retail Prices Index value for the 12 calendar month period ending with the calendar month three months prior to the calendar month in which the escalation date occurs. Where Guaranteed Minimum Pension is shown as escalating with Limited Price Indexation, the measure of inflation will be determined by reference to the prevailing tax regulations. Eligibility for a dependant s pension Eligibility for a dependant s pension will depend on meeting the HMRC criteria and will be assessed at the start of the annuity. It may also be confirmed before payment of a dependant s pension can begin. HMRC eligibility is likely to be met if the dependant is a spouse or legal partner of the annuitant or is financially dependent on the annuitant or there is mutual financial dependence. In the event that a named dependant is eligible at the commencement of the annuity but no longer eligible at the date of death, the pension will cease and no dependant s pension will be payable. See special rules applicable to Guaranteed Minimum Pensions. 12

13 Guaranteed Minimum Pension (GMP) Your quote and policy schedule will show the amount of GMP, if any, to be provided by your annuity. GMP is payable from age 65 for males and 60 for females, or later if deferred. An annuity which includes GMP can commence at an earlier age so that it subsequently provides the GMP at these ages. A GMP annuity for male annuitants will include a dependant s pension of 50% of your own income on your death. This amount will be paid to your wife if you are married at your date of death, or to a dependant named at the commencement of the policy if you are not married. If you are in a registered civil partnership at the date of your death, 50% of the GMP accrued after 6 April 1988 will be payable to your legal partner. For female annuitants, a dependant s pension of 50% of the GMP accrued after 6 April 1988 will be included, payable to a husband or registered civil partner under the same terms as a male annuitant s GMP. Any income arising from GMP (excluding a dependant s pension paid to a dependant that is not a married spouse or registered civil partner) will increase annually in line with prices as defined by the prevailing legislation. For GMP accrued prior to 5 April 1988, the amount of annual increase will be paid in full by the State in addition to your State pension(s). For GMP accrued after 6 April 1988, the annuity will provide the first 3% of the required increase in any one year. If the total declared increase exceeds 3%, the additional increase will be paid by the State. If you have started your annuity before attaining age 65 for males or 60 for females, the increases to your pension in the years before 65/60 will be notified on your annuity quotation. 13

14 Lifetime Annuity or Scheme Pension The Partnership Pension Annuity can be a Lifetime Annuity or a Scheme Pension. If the annuity is bought by an individual using their Open Market Option the annuity will be a Lifetime Annuity held by the annuitant. If it is bought by the trustees or administrators of a pension scheme to provide income on behalf of a scheme member the annuity could be a scheme pension or lifetime annuity. Pension Sharing Order (PSO) The Partnership Pension Annuity can accept funds from a PSO for the purchase of a new annuity for a former spouse. If a PSO is applied to an annuity which is already being paid a value of the annuity will be calculated and quoted as a Cash Equivalent Transfer Value (CETV). The PSO will define the proportion of the CETV to be credited to the former legal partner and the existing annuity income will be reduced in direct proportion. The former partner is required to purchase an annuity from Partnership in their own name at the annuity rates available at that time. Proof of existence For all our annuities, Partnership will confirm your status from time to time and we may ask you or your dependants to provide proof of identity and entitlement to continue benefit. Because of this we require you to inform us of any changes to your contact details. 14

15

16 Contact us Tel: (local call rates apply) Web: Partnership Regent House, 1-3 Queensway, Redhill, Surrey RH1 1QT. Telephone calls may be recorded for training and monitoring purposes. If you require this document in an alternative format please contact us. Partnership is a trading style of the Partnership group of Companies, which includes; Partnership Life Assurance Company Limited (registered in England and Wales No ), and Partnership Home Loans Limited (registered in England and Wales No ). Partnership Life Assurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Partnership Home Loans Limited is authorised and regulated by the Financial Conduct Authority. The registered office for both companies is Heron Tower, 5th Floor, 110 Bishopsgate, London EC2N 4AY. RET V1

Pension Annuity. Key Features

Pension Annuity. Key Features Helping you decide The Financial Services Authority is the independent financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity

More information

Personal Pension Transfer Plan. Key Features

Personal Pension Transfer Plan. Key Features Personal Pension Transfer Plan Helping you decide The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether

More information

PURCHASED LIFE ANNUITY KEY FEATURES

PURCHASED LIFE ANNUITY KEY FEATURES seeing retirement differently seeing retirement differently PURCHASED LIFE ANNUITY CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 HELPING YOU DECIDE The Financial Conduct Authority is

More information

Immediate and Deferred Care Plans. Key features

Immediate and Deferred Care Plans. Key features Immediate and Deferred Care Plans Helping you decide The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether

More information

Aims, Commitment and Riskss

Aims, Commitment and Riskss Key Features of the Reliance Mutual Enhanced Annuity for.smokers. The Financial Conduct Authority is a financial services regulator. It requires us, Reliance Mutual Insurance Society Limited, to give you

More information

RELEVANT LIFE PLAN KEY FEATURES

RELEVANT LIFE PLAN KEY FEATURES seeing retirement differently seeing retirement differently RELEVANT LIFE PLAN CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial service regulator.

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Key Features of our Guaranteed Pension Annuity. Guaranteed Pension Annuity

Key Features of our Guaranteed Pension Annuity. Guaranteed Pension Annuity Key Features of our Guaranteed Pension Annuity The Financial Conduct Authority is a financial services regulator. It requires us, Hodge Lifetime, to give you this important information to help you decide

More information

Lifetime Annuity and Scheme Pension Key Features

Lifetime Annuity and Scheme Pension Key Features Lifetime Annuity and Scheme Pension Lifetime Annuity and Scheme Pension Key Features This document shows the main points about your policy. Please read it with your Personal Example and keep them with

More information

Lifetime Annuity and Scheme Pension Key Features

Lifetime Annuity and Scheme Pension Key Features Lifetime Annuity and Scheme Pension Lifetime Annuity and Scheme Pension Key Features This document shows the main points about your policy. Please read it with your Personal Example and keep them with

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

Guaranteed Annuity. Key Features. This is an important document and you should read it before deciding whether to buy your pension annuity from us

Guaranteed Annuity. Key Features. This is an important document and you should read it before deciding whether to buy your pension annuity from us Guaranteed Annuity Key Features This is an important document and you should read it before deciding whether to buy your pension annuity from us 2 Purpose of this document Guaranteed Annuity Key Features

More information

Key Features of the Just Retirement. Key Features of the Just Retirement Fixed Term Annuity

Key Features of the Just Retirement. Key Features of the Just Retirement Fixed Term Annuity Key Features of the Just Retirement Fixed Term Annuity This brochure outlines the key features of the Just Retirement Fixed Term Annuity. The Financial Conduct Authority is a financial services regulator.

More information

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account The Personal Range Key Features of the Individual Personal Pension Transfer Value Account Reference MPEN11/F 07.15 The Financial Conduct Authority is a financial services regulator. It requires us, Friends

More information

Key features of the Whole Life Protection Plan

Key features of the Whole Life Protection Plan IMPORTANT INFORMATION This information may be downloaded to your PC in whole or in part provided that any reproduction or copy, or any derivative, is true to the original, and it is EITHER used for personal

More information

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES.

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. PEnSIon AnnuITIES KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. Helping you make the right decisions for your future INsuRANCe. savings. INVesTMeNT MANAGeMeNT. 01 Key features of Legal & General

More information

Immediate Vesting Personal Pension Plan Key features

Immediate Vesting Personal Pension Plan Key features Immediate Vesting Personal Pension Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is the independent financial services regulator.

More information

Important information. Key Features of the Guaranteed Pension Annuity

Important information. Key Features of the Guaranteed Pension Annuity Important information Key Features of the Guaranteed Pension Annuity Important information The Financial Conduct Authority is a financial services regulator. Prudential is required to give you the important

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0845 077 7077 (8.30am-6pm weekdays) Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction to

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0800 014 7470 0333 014 6267 am-5.30pm weekdays. Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction

More information

Key Features of the Whole of Life Protection Plan.

Key Features of the Whole of Life Protection Plan. WHOLE WHOLE OF OF LIFE LIFE PROTECTION PLAN KEY FEATURES Key Features of the Whole of Life Protection Plan. LIFE ASSURANCE This is an important document which you should keep safely in case you need it

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Annuity Policy. For benefits bought out from an occupational pension scheme or a section 32 buy-out plan

Annuity Policy. For benefits bought out from an occupational pension scheme or a section 32 buy-out plan Annuity Policy For benefits bought out from an occupational pension scheme or a section 32 buy-out plan Please keep this Policy in a safe place, along with the accepted Annuity Quotation, the Statement

More information

BUSINESS PROTECTION ASSURANCE KEY FEATURES

BUSINESS PROTECTION ASSURANCE KEY FEATURES seeing retirement differently seeing retirement differently BUSINESS PROTECTION ASSURANCE CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

Important information. Key Features of the Income Choice Annuity

Important information. Key Features of the Income Choice Annuity Important information Key Features of the Income Choice Annuity Important information The Financial Conduct Authority is a financial services regulator. Prudential is required to give you the important

More information

Guaranteed Annuity. Policy Terms & Conditions

Guaranteed Annuity. Policy Terms & Conditions Guaranteed Annuity Policy Terms & Conditions Your Guaranteed Annuity Policy The Guaranteed Annuity is a contract of insurance between you and us formed by: your signed application this policy booklet,

More information

Key Features of the ReAssure Level Lifetime Annuity

Key Features of the ReAssure Level Lifetime Annuity Key Features of the ReAssure Level Lifetime Annuity The Financial Conduct Authority (FCA) is a financial services regulator. It requires us, ReAssure, to give you this important information to help you

More information

EXCEPTED GROUP LIFE POLICY TERMS AND CONDITIONS.

EXCEPTED GROUP LIFE POLICY TERMS AND CONDITIONS. EXCEPTED GROUP LIFE POLICY TERMS AND CONDITIONS. ABOUT THESE TERMS AND CONDITIONS. This document and our quote describe the Excepted Group Life Policy terms and conditions for employers who already insure

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

Buying a pension annuity

Buying a pension annuity Buying a pension annuity Why do I need to think about buying a pension annuity? When you come to retire, you will have some important decisions to make. Probably most important of all is how you will generate

More information

Purchased Life Annuity Key Features

Purchased Life Annuity Key Features Purchased Life Annuity Purchased Life Annuity Key Features This document shows the main points about your annuity. Please read it with your Personal Example and keep them with your documents relating to

More information

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme Annuity Policy For a Compulsory Purchase Annuity from an occupational pension scheme Please keep this Policy in a safe place, along with the accepted Annuity Quotation, the Statement of Benefits and the

More information

DECREASING TERM ASSURANCE KEY FEATURES

DECREASING TERM ASSURANCE KEY FEATURES seeing retirement differently seeing retirement differently DECREASING TERM ASSURANCE CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial service

More information

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity It s flexible Key features of the Flexible Income Annuity Flexible Income Annuity This is an important document and you should read it before deciding whether to buy your pension annuity from us Purpose

More information

KEY FEATURES. CASH-OUT RETIREMENT PLAN

KEY FEATURES. CASH-OUT RETIREMENT PLAN 1 KEY FEATURES OF OUR CASH-OUT RETIREMENT PLAN CASH-OUT RETIREMENT PLAN KEY FEATURES. For customers who are not receiving financial advice. This is an important document that you should keep in a safe

More information

KEY FEATURES OF THE RELEVANT LIFE PLAN.

KEY FEATURES OF THE RELEVANT LIFE PLAN. RELEVANT LIFE PLAN KEY FEATURES OF THE RELEVANT LIFE PLAN. LIFE COVER This is an important document which should be kept in a safe place. 2 RELEVANT LIFE PLAN KEY FEATURES USING THIS DOCUMENT. WHAT ARE

More information

The Retirement Account

The Retirement Account The Retirement Account Key Features This is an important document and you should read it before deciding whether to buy your Retirement Account from us Purpose of this document This Key Features booklet

More information

i2live Annuity Key features

i2live Annuity Key features i2live i2live Annuity Key features This is an important document. Please read it alongside your personal illustration and the Customer Fund Guide and keep it safe for future reference. About this document

More information

Key Features of the Pension Annuity (including the Enhanced Pension Annuity)

Key Features of the Pension Annuity (including the Enhanced Pension Annuity) Key Features of the Pension Annuity (including the Enhanced Pension Annuity) Key Features of the Pension Annuity (including the Enhanced Pension Annuity) The Financial Conduct Authority is a financial

More information

Group Life Assurance. Technical Guide. Group Life Assurance for Death in Service Benefits under Registered Occupational Pension Schemes

Group Life Assurance. Technical Guide. Group Life Assurance for Death in Service Benefits under Registered Occupational Pension Schemes Group Life Assurance Group Life Assurance for Death in Service Benefits under Registered Occupational Pension Schemes Technical Guide This Technical Guide does not constitute contractual Terms Registered

More information

Key Features of the Term Assurance Plan

Key Features of the Term Assurance Plan Key Features of the No advice has been provided by Scottish Friendly in relation to this plan. If you are in any doubt as to whether this plan is suitable for you, you should contact a financial adviser

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

Key Features of the NFU Mutual Pension Annuity

Key Features of the NFU Mutual Pension Annuity Key Features of the NFU Mutual Pension Annuity Contents Who should buy this product? page 1 Its Aim page 1 Your Commitment page 1 Risks page 1 How do pensions work? page 2 What is a Pension Annuity? page

More information

YOUR GUIDE TO RETIREMENT

YOUR GUIDE TO RETIREMENT YOUR GUIDE TO RETIREMENT www.phoenixlife.co.uk CONTENTS Page Purpose of this guide 3 Your pension options - Buying your pension income (annuity) from us 4 Your pension options - Buying your pension income

More information

TERMS AND CONDITIONS PENSION ANNUITY.

TERMS AND CONDITIONS PENSION ANNUITY. TERMS AND CONDITIONS PENSION ANNUITY. This document is intended for reference both before and after the annuity has been bought. If you are looking at it before buying, we recommend that you also read

More information

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial

More information

Group Life Policy for Registered Schemes Technical Guide

Group Life Policy for Registered Schemes Technical Guide For commercial customers and their advisers only Group Life Policy for Registered Schemes Technical Guide Reference BGR/4507/FEB10-P Contents Page Its aims 3 Employers your commitment Risk factors How

More information

KEY FEATURES OF THE NEW OPEN ANNUITY. www.londoncolonial.com

KEY FEATURES OF THE NEW OPEN ANNUITY. www.londoncolonial.com KEY FEATURES OF THE NEW OPEN www.londoncolonial.com New Open Annuity Take control of your pension Please note that the New Open Annuity is not appropriate for everybody and it is essential for prospective

More information

SIPP ISA Dealing Junior ISA SIPP benefi ts guide

SIPP ISA Dealing Junior ISA SIPP benefi ts guide SIPP ISA Dealing Junior ISA SIPP benefits guide Contents Introduction SIPP benefits - the basics Annuity, income drawdown and taxable lump sums the commitments and risks 3 Your benefits options Lump sums

More information

Policy Summary for Over 50s Life Insurance Plans

Policy Summary for Over 50s Life Insurance Plans This is an important document, which you should read carefully so that you understand what you are buying. Please keep together with your Policy Terms and Conditions, in a safe place, for future reference.

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

Pension Annuity (including the Enhanced Pension Annuity)

Pension Annuity (including the Enhanced Pension Annuity) Pension Annuity (including the Enhanced Pension Annuity) Terms and Conditions Retirement Investments Insurance Health Retirement Investments Insurance Health Retirement Investments Insurance Health Welcome

More information

Terms of the Just Retirement Pension Annuity

Terms of the Just Retirement Pension Annuity 1. ABOUT THESE CONDITIONS 1.1 If you have any queries about the Policy Schedule or these Policy Conditions, please contact your ADVISERTYPE. 1.2 The Policy Schedule will show whether your Policy is a Lifetime

More information

No selling. No jargon.

No selling. No jargon. January 2008 Our guides here to help you About the Financial Services Authority. Everyday money. Saving and investing. Pensions and retirement. If things go wrong. Buying a home. Available from our Consumer

More information

Compulsory Purchase Annuity

Compulsory Purchase Annuity Application form Who this form is for 0615 This form is for people who want to purchase a pension from Standard Life Filling in this form Before completing this form read the Key Features Document (CPA17)

More information

Elite Retirement Account TM

Elite Retirement Account TM Elite Retirement Account TM Key Features of the Elite Retirement Account The Elite Retirement Account (ERA) is a Self Invested Personal Pension (SIPP). A SIPP is a personal pension that allows you greater

More information

Key Features of the Prudential Personal Pension Scheme

Key Features of the Prudential Personal Pension Scheme Key Features of the Prudential Personal Pension Scheme Important information you need to read The Financial Conduct Authority is the independent financial services regulator. It requires us, Prudential,

More information

Stocks and Shares ISA

Stocks and Shares ISA Your modern mutual Stocks and Shares ISA Key features document What is the purpose of this document? The Financial Conduct Authority is the independent financial services regulator. It requires us, The

More information

Key Features of the Lifetime Annuity

Key Features of the Lifetime Annuity from the Select Portfolio This is an important document which you should keep along with your personalised Illustration. S E L E C T Alico is a leading international life insurer with a unique heritage

More information

Pay, benefits and time off. Nationwide Pension Fund

Pay, benefits and time off. Nationwide Pension Fund Pay, benefits and time off Nationwide Pension Fund Your CARE terms explained from 1 April 2011 Contents Page How to contact us 3 Introduction and key features 4 Terms you need to know 5 Contributing to

More information

Guide to Pension Annuities

Guide to Pension Annuities Guide to Pension Annuities Having successfully built up a pension fund during your working life, there will come a time when you will need to make some important decisions about how to use this fund. These

More information

Important information. Key Features of the Prudential Savings Account Top Up Investment

Important information. Key Features of the Prudential Savings Account Top Up Investment Important information Key Features of the Prudential Savings Account Top Up Investment > Contents About this booklet 4 About the Prudential Savings Account 4 Its aim 5 Your Commitment 5 Risks 5 Questions

More information

THE BROOKLANDS SIPP KEY FEATURES BROOKLANDS PENSIONS

THE BROOKLANDS SIPP KEY FEATURES BROOKLANDS PENSIONS BROOKLANDS PENSIONS THE BROOKLANDS SIPP KEY FEATURES The Financial Services Authority is the independent financial services regulator. It requires us, Brooklands Trustees Ltd, to give you this important

More information

life insurance KEY FEATURES of your Plan

life insurance KEY FEATURES of your Plan mortgage life insurance KEY FEATURES of your Plan Please read this information carefully ASDA Life Insurance plans are provided by Scottish Widows plc. These Key Features give you the main points about

More information

Key Features of the MetLife Bond Range. Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond

Key Features of the MetLife Bond Range. Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond Key Features of the MetLife Bond Range Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond Key Features of the MetLife Bond Range 1 Key Features of the MetLife Bond Range

More information

The Personal Range Key Features of the Individual Personal Pension

The Personal Range Key Features of the Individual Personal Pension The Personal Range Key Features of the Individual Personal Pension Reference MPEN11/A 04.16 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life and Pensions

More information

Retirement Key Features of the Lifetime Annuity

Retirement Key Features of the Lifetime Annuity Retirement Key Features of the Lifetime Annuity IMPORTANT INFORMATION The Financial Conduct Authority is a financial services regulator. It requires us, AXA Wealth Limited, to give you this important information

More information

Online Group Life Policy for Registered Schemes Technical Guide

Online Group Life Policy for Registered Schemes Technical Guide For commercial customers and their advisers only Online Group Life Policy for Registered Schemes Technical Guide Reference BGR/5576/SEP13 Contents Page Its aims Employers your commitment Risk factors How

More information

TRUSTEE TRANSFER PLAN Policy Document

TRUSTEE TRANSFER PLAN Policy Document TRUSTEE TRANSFER PLAN Policy Document [2] POLICY DOCUMENT TRUSTEE TRANSFER PLAN Contents 1. Introduction 4 2. Payments to us 6 3. Charges 7 4. Benefits payable under the Policy 8 5. Investments under the

More information

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN KEY FEATURES OF THE PROTECTED RETIREMENT PLAN Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

POLICY TERMS AND CONDITIONS.

POLICY TERMS AND CONDITIONS. TERM ASSURANCE POLICY TERMS AND CONDITIONS. T&C 60 2 TERM ASSURANCE POLICY TERMS AND CONDITIONS CONTENTS. 1. INTRODUCTION 3 1.1 Who is covered? 1.2 Amount of cover 1.3 Period of cover 2. COVER PROVIDED

More information

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires us, Prudential,

More information

Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE. People you can trust- A company you can rely on

Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE. People you can trust- A company you can rely on Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE People you can trust- A company you can rely on Who are Omnilife? Omnilife is a specialist insurer providing Group Risk benefits for employers that

More information

KEY FEATURES OF THE METLIFE INVESTMENT BOND PORTFOLIO ENTER A MORE CERTAIN WORLD

KEY FEATURES OF THE METLIFE INVESTMENT BOND PORTFOLIO ENTER A MORE CERTAIN WORLD KEY FEATURES OF THE METLIFE INVESTMENT BOND PORTFOLIO ENTER A MORE CERTAIN WORLD Investment Bond Portfolio Contents 1 Key Features of the MetLife Investment Bond Portfolio 2 2 Guarantee Options 6 3 Other

More information

Policy Summary for Over 50s Life Insurance Plans

Policy Summary for Over 50s Life Insurance Plans Policy Summary for Over 50s Life Insurance Plans 1. Fixed Plan 2. Increasing Plan 3. Funeral Plan This is an important document, which you should read carefully so that you understand what you are buying

More information

Spouse s and Partner s Group Life Assurance

Spouse s and Partner s Group Life Assurance TECHNICAL GUIDE Spouse s and Partner s Group Life Assurance Because everyone needs a back-up plan unum.co.uk Technical Summary Technical Guide for Commercial customers and their advisers. This product

More information

Free Standing Additional Voluntary Contributions Plan Key Features

Free Standing Additional Voluntary Contributions Plan Key Features Free Standing Additional Voluntary Contributions Plan Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator.

More information

POLICY TERMS AND CONDITIONS.

POLICY TERMS AND CONDITIONS. TERM ASSURANCE POLICY TERMS AND CONDITIONS. T&C 60 2 TERM ASSURANCE POLICY TERMS AND CONDITIONS CONTENTS. 1. DEFINITIONS EXPLAINED 3 2. INTRODUCTION 4 2.1 Who is covered? 2.2 Amount of cover 2.3 Period

More information

Guaranteed Pension Annuity Policy Terms & Conditions

Guaranteed Pension Annuity Policy Terms & Conditions Guaranteed Pension Annuity Policy Terms & Conditions Thank you for choosing Hodge Lifetime for your retirement income. This document sets out the Policy Terms and Conditions that apply to all policyholders.

More information

Key Features of the BFS Protect Policy. A fresh look at Income Protection

Key Features of the BFS Protect Policy. A fresh look at Income Protection Key Features of the BFS Protect Policy A fresh look at Income Protection A fresh look at Income Protection 2 This is an important document which you should read along with your Personal Illustration. The

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Individual Savings Account (ISA) Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority The Financial Conduct Authority

More information

Short guide to the Firefighters Pension Scheme (FPS)

Short guide to the Firefighters Pension Scheme (FPS) Short guide to the Firefighters Pension Scheme (FPS) May 2013 The Scheme This is a short description of the conditions of membership and main scheme benefits that apply if you pay into the Firefighters

More information

please read and keep this in a safe place in case you need it later. key features of the income Protection Benefit PlAn.

please read and keep this in a safe place in case you need it later. key features of the income Protection Benefit PlAn. please read and keep this in a safe place in case you need it later. key features of the income Protection Benefit PlAn. 2 income protection benefit plan key features contents Aims Your commitment risks

More information

life insurance KEY FEATURES of your Plan Please read this information carefully

life insurance KEY FEATURES of your Plan Please read this information carefully life insurance KEY FEATURES of your Plan Please read this information carefully ASDA Life Insurance plans are provided by Scottish Widows plc. These Key Features give you the main points about the Scottish

More information

KEY FEATURES OF RELEVANT LIFE COVER SCOTTISH WIDOWS PROTECT. Important information you need to read

KEY FEATURES OF RELEVANT LIFE COVER SCOTTISH WIDOWS PROTECT. Important information you need to read KEY FEATURES OF RELEVANT LIFE COVER SCOTTISH WIDOWS PROTECT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO

More information

BUYING A PENSION ANNUITY.

BUYING A PENSION ANNUITY. PENSION ANNUITies BUYING A PENSION ANNUITY BUYING A PENSION ANNUITY. 1 This is an important, once and for all, decision. We want you to be confident that you have the information you need to make the right

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

Our guide to. buying an annuity

Our guide to. buying an annuity Our guide to buying an annuity 2 Our guide to buying an annuity Contents Introduction 3 Pension reforms Thinking about retirement 3 Money and budgeting How can we help? Your retirement timeline Key questions

More information

KEY FEATURES OF THE RETIREMENT ACCOUNT

KEY FEATURES OF THE RETIREMENT ACCOUNT Key Features of the Royal London Retirement Account KEY FEATURES OF THE RETIREMENT ACCOUNT IMPORTANT INFORMATION YOU SHOULD READ 1 HOW TO CONTACT US If you have any queries relating to your Retirement

More information

Key Features of the MetLife Income for Life Bond (UK and International)

Key Features of the MetLife Income for Life Bond (UK and International) Key Features of the MetLife Income for Life Bond (UK and International) 1 Key Features of the MetLife Income for Life Bond (UK and International) Key Features of the MetLife Income for Life Bond (UK and

More information

A guide to your new Prudential Annuity

A guide to your new Prudential Annuity A guide to your new Prudential Annuity > Thank you for choosing Prudential to provide your pension annuity. You might be receiving your pension directly from us or we are paying it on behalf of your pension

More information

Key Features of the Immediate Lifetime Care Term Assurance Plan

Key Features of the Immediate Lifetime Care Term Assurance Plan Key Features of the Immediate Lifetime Care Term Assurance Plan Reference LTCKFDIMMTA 10.14 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life Limited, to give

More information

Personal Retirement Bond

Personal Retirement Bond Personal Retirement Bond Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide. Introduction This guide applies to the Personal Retirement Bond. Zurich Life Assurance plc

More information

Policy Summary for Over 50s Fixed Life Insurance Plan

Policy Summary for Over 50s Fixed Life Insurance Plan Policy Summary for Over 50s Fixed Life Insurance Plan This is an important document which you should read carefully so that you understand what you are buying and help you decide whether our Over 50s Fixed

More information

Retirement Account Plan Key features

Retirement Account Plan Key features Retirement Account Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires us, Standard

More information

insurance KEY FEATURES OF THE: RElEvAnT life PlAn important document

insurance KEY FEATURES OF THE: RElEvAnT life PlAn important document INSURANCE KEY FEATURES OF THE: Relevant Life Plan This is an important document which you should keep in a safe place. This is a guide to our Relevant Life Plan and is based on our understanding of current

More information

Key features of the Income Protection Plan

Key features of the Income Protection Plan Key features of the Income Protection Plan Helping you decide This is an important document which gives you a summary of the Income Protection Plan. Please read this with your illustration, if you have

More information