Our guide to. buying an annuity

Size: px
Start display at page:

Download "Our guide to. buying an annuity"

Transcription

1 Our guide to buying an annuity

2 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 to consider A typical year prior to retirement Pension savings 5 Help finding your pension details State pensions Personal pensions Occupational pensions scheme Understanding your pension Guaranteed annuity rates Other savings Pension income choices What happens after you apply? Learn about annuities 9 What is an annuity? Other retirement options 12 Investment linked annuity Purchased life annuity Drawdown pension Variable or third way annuities Choosing annuity options 15 Tax-free cash and taxable lump sums When will income be paid? Protecting against inflation Some important points to consider Providing for others Dependant s pension Guarantee period Overlap Value protection What is value protection? How does it work? Shopping around 22 We can help you shop around What is the process? Types of retirement income products Conventional annuity How is my annuity income calculated? Enhanced annuities How do I qualify for an enhanced annuity? Impaired annuities What qualifies for an impaired annuity?

3 3 Our guide to buying an annuity Our guide to buying an annuity Introduction Pension reforms The pension reforms introduced in April 2015 represent the biggest change in a generation, and allow access to your pension funds like never before. The new flexibilities include total fund withdrawal, the introduction of flexi-access drawdown, access to taxable lump sums, as well as changes to some options on annuities. In addition, the taxation on death benefits has been overhauled, along with the introduction of the government s new guidance service Pension Wise. Visit for more information. With so much changing, greater choice brings with it increased responsibility to make sure you make the right decisions, and choose an appropriate product (or combination) that will suit your individual circumstances in retirement. An annuity is the only product that can provide a guaranteed income for the whole of your life. You can choose options that allow you to protect against inflation and leave a legacy for your loved ones. We hope that this guide will help provide some clarity. Thinking about retirement Here we will help you consider the financial choices that can lead to your money going that bit further in retirement. We help you plan for your retirement, understand your savings and explain the options you have to provide an income in retirement. Many people describe retirement as a period of mixed emotions when new found time opens up opportunities. The transition from working to retirement can be a time of considerable change, particularly if you intend to stop full time work for good. If you have yet to retire, we encourage you to take some time to look ahead to your retirement and consider the financial and practical aspects of retirement. Money and budgeting Getting to grips with your income and expenditure in retirement will help give you a much better idea of how your retirement will be from a financial perspective. All too often people reach retirement possibly regretting that they did not think enough about their finances during their working life. We recommend that you set some time aside to work out how much money you have as you approach your retirement and what income you will need to enjoy the retirement that you have always looked forward to.

4 4 Our guide to buying an annuity How can we help? We provide a wealth of information that helps you understand your options and how you can plan your finances now for your retirement. On a practical level, our Online Annuity Planner will produce a quotation for the retirement income that you could achieve with an annuity based on the information you provide. Your retirement timeline Researching your options and making plans are important steps to ensure you make the right decisions for your retirement. We try to make this easier for you. By looking at our retirement timeline you can see the key times to consider as you approach retirement, so you are able to plan well ahead. Key questions to consider in the year before you retire include: Are you ready to retire completely or do you intend to carry on working in some capacity? How can you maximise your pension in the final year before you retire? What income will you need to live on in retirement? What action can you take when you have an estimate of your final pension fund values? A typical year prior to retirement, for your pension, can look like this: Countdown to retirement 1 year 6 months 6 3 months 3 1 months Research your options and plan your retirement Check for any GARS*, plus any restrictions or changes that may apply depending on when you take your pension pot Compare your options Additional letter from your provider outlining their retirement income offer to you Shop around, enquire and apply For free guidance visit Recieve your pension benefits *Guaranteed annuity rates see page 7 for more information.

5 5 Our guide to buying an annuity Pension savings You may have saved into a variety of pensions through your employer, your own business or set up a personal pension. Understanding what you have saved and where is a critical first step towards ensuring that you know as much as possible about what you have built up during your working life. We will help you understand more about what you have and what your entitlement to a better retirement income could be through our Online Annuity Planner. Help finding your pension details If you need help finding all the details of your pension scheme(s) we have provided some information to help: Most pension providers send letters and statements, at least once a year. These should provide you with the information you need. You can contact your pension provider(s) to request the most up to date details on your pension. If you are unsure of the provider s name you could contact the employer you were with at the time you paid into your pension they may well have a record of your pension and the provider. Don t worry if you think that you have lost track of some of your pension savings from previous employment or self employment. Try contacting your employer in the first instance. If they can t help then try the Pension Tracing Service (tel: or go to which could help you track your pension. State pensions The government currently provides state pensions to those at state pension age. The amount you are entitled to is determined by the National Insurance contributions made through your working life. To find out more about your entitlements, please visit the website which can provide you with: An estimate of how many qualifying years you may have to date Details of how much basic state pension those qualifying years may give you The earliest date you may get your state pension Information on how you can fill any gaps in your National Insurance contributions record Confirmation of whether you will qualify for any additional state pension (under the State Earnings Related Pension Scheme (SERPS) and/or State Second Pension (S2P)

6 6 Our guide to buying an annuity Personal pensions Within a personal pension, you build up a pension fund by investing your and/or your employer s pension contributions with an insurance company. Your contributions build up to provide you with an individual pot of money with which to secure a pension income, this could be in the form of an annuity. It is important that in converting funds into an annuity, you make an active choice, consider your options and shop around for a good deal we can help you shop around and compare a variety of leading annuity providers. Occupational pension scheme There are two general types of occupational pension scheme: 1. Defined benefit scheme (also known as a final salary or average salary scheme) This type of pension pays you a set income based on your service and your salary from a set retirement age. You may be able to retire at a different time by contacting the scheme administrator. If you have this type of pension then the best way to learn about how it works and what you might receive as an income in retirement is to contact the employer that the scheme is with. They should be able to explain in more detail. This type of pension scheme is not catered for through this service. 2. Defined contribution scheme (also known as a Money Purchase scheme ) Members of these schemes build up a pension fund by investing personal and/or employer contributions during their period of membership. These build up to provide the member with an individual pot of money with which to secure a pension income, usually in the form of an annuity. It is important that in converting funds into an annuity, members make an active choice, consider their options and shop around for a good deal. Some employers offer a mixture of both these types of pension and if you have this kind of pension then you may still be able to shop around for a better deal. Understanding your pension When considering retirement it will help you to know the key information about all your pensions. Some of the questions you should seek to answer include: Which pension providers are your pensions with? When does each pension provider expect you to retire? What type of pension(s) do you have? What is the current value of all your pension plans? What is the estimated value of your pension plans at retirement? What income will your pensions pay you when you retire and what are the features and benefits attached to that income? Does the pension have a guaranteed annuity rate?

7 7 Our guide to buying an annuity Guaranteed annuity rates Guaranteed annuity rates (also known as GARS) are special annuity rates that pension providers may have guaranteed when you took out your pension. If your pension has one it may mean your pension is linked to a far better annuity rate than is currently available from other providers, which could give you a greater retirement income. The downside with a guaranteed annuity rate is that it may only apply if you select certain options and may also restrict you as to when the annuity has to be taken out. It is therefore worth checking your pension policy documentation and asking your pension provider if the policy contains a guaranteed annuity rate, before shopping around. Should you decide to go ahead and switch away from your provider you may lose these guarantees. If you are thinking of withdrawing your pension funds following the pension reforms, then it is worth speaking with a financial adviser to understand the value of the guaranteed rate you could be giving up. Other savings You may have saved money using a variety of financial products and these need to be considered when you are thinking about your income in retirement. Having other savings may mean that you aren t necessarily totally reliant on your pension and the income it generates when you retire. You need to consider a range of savings when thinking about any options you choose for a retirement income. Apart from pensions, your savings could include: Cash, such as bank or building society deposit accounts Shares Bonds ISAs Property Variety of other savings or investment plans All these forms of saving for your retirement need to be considered and can be used to help provide additional funds for your retirement.

8 8 Our guide to buying an annuity Pension income choices There are different ways for you to obtain an income in retirement from your pension. The main ways are: An annuity - which you buy with the money in your pension fund. An annuity will pay you a regular, guaranteed income for the rest of your life. A drawdown pension which can provide you with an income whilst not committing your pension fund into an annuity straight away. It also allows you to draw taxable lump sums from your pension savings. You could take your pension pot as cash, either as a single lump sum, or a series of lumps sums. 25% will be tax free however you should bear in mind that the remaining 75% is treated as earned income, and subject to tax at your marginal rate. Not every provider offers this. This guide provides information on purchasing an annuity only. If you are interested in any of your other pension income choices, please speak to your financial adviser. If you don t currently have a financial intermediary, you can find one online at or Please be aware that advisers may charge for providing advice and should confirm any cost to you beforehand. What happens after you apply? Once you apply for an annuity, the process to set it up depends on the speed at which your annuity and pension providers work to transfer funds and set up your income. We help make this as short a time as possible by ensuring all parties have everything they need. The diagram below outlines how this will work: What happens after you request an application pack Request an application pack Digest the information Complete and return the application form Receive weekly updates Notification of Tax free cash transfer Receive your policy documents Receive your income It is worth noting that if your pension is held in investment funds, the value of your pension fund may fluctuate due to stock market volatility or, in the case of certain products, be entitled to a terminal bonus or subject to a reduction by way of a market value adjustment. When the annuity purchase completes, the final annuity payable may therefore differ from that originally quoted to you.

9 9 Our guide to buying an annuity Learn about annuities There are several different types of annuity that you can choose from we help you understand which could be right for you. What is an annuity? During your working life you will probably have saved money into one or more pensions. As you approach your retirement you have a range of options to use your pension funds to generate an income. An annuity is a financial product usually bought with your pension which converts your pension fund into a regular, guaranteed income for the rest of your life. Types of retirement income products Conventional annuity A conventional annuity provides a predictable, secure retirement income guaranteed to be paid for the rest of your life, regardless of the performance of financial markets. How is my annuity income calculated? The amount you receive from the annuity provider will depend on a combination of the following: The amount you have saved into your pension Your age Whether you choose to take any tax free cash (pension commencement lump sum) and how much this is Whether you choose to take an initial taxable lump sum (over and above the 25% tax-free cash). Not all providers offer this The features you choose, such as linking the income to inflation or providing an income for your partner should you die Other factors such as where you live The table below outlines the pros and cons of this kind of product. Conventional annuities Pros Provides a guaranteed regular amount paid for life. Options can be added to provide protection against inflation and provide an income for someone when you die. Cons Whilst the government has proposed the idea of selling an existing annuity for a lump sum, you are not able to make changes to it once it has been purchased. You therefore need to be sure about the choices you make before you commit. Doesn t take in to account individual health and lifestyle conditions, which could increase income. We can help you choose a conventional annuity, then tailor that annuity to suit your individual needs. We then compare rates for that annuity from a variety of leading providers, to help improve your retirement income.

10 10 Our guide to buying an annuity Enhanced annuities Enhanced annuities provide an income guaranteed to be paid for the rest of your life and come with the same range of options to protect and guarantee your income as a conventional annuity. The only difference is that they take your health and lifestyle into account when determining the income you will receive. Unlike other times in your life, poor health and lifestyle could result in a higher income so it is always worth getting an enhanced annuity quotation. How do I qualify for an enhanced annuity? A broad range of lifestyle and medical conditions can qualify for an enhanced annuity; from fairly common factors such as: smoking having high cholesterol, or being overweight up to more serious or life-threatening conditions such as: cancers, and heart disease. Some providers also consider your postcode and occupation so even if you re healthy you could get a higher income. Enhanced annuities Pros You could receive more income, compared to a conventional annuity, depending on your health. The income is still guaranteed for life and can be customised as per a conventional annuity. If you happen to qualify and go on to live for many years you continue to receive your increased income. Many retirees could qualify for an enhancement. Cons Not everyone will qualify for an enhanced annuity. Whilst the government has proposed the idea of selling an existing annuity for a lump sum, you are not able to make changes to it once it has been purchased. You therefore need to be sure about the choices you make before you commit.

11 11 Our guide to buying an annuity Impaired annuities More serious health conditions can qualify for a form of enhanced annuity that is sometimes called an impaired annuity. When this is the case, you could receive additional income as very often you may have limited life expectancy. What qualifies for an impaired annuity? It is difficult to generalise about which conditions qualify for an impaired annuity but they can include serious forms of: Cancer Diabetes Heart attack Kidney failure Multiple sclerosis Stroke As for both conventional and enhanced annuities, the income you receive will still be guaranteed for your lifetime and you can choose from the same range of options such as protection against inflation and guaranteeing an income or legacy for your spouse, civil partner or dependants.

12 12 Our guide to buying an annuity Other retirement options There are several other financial products that can help you secure an income in retirement. Each is different and provides their own features and options. These products aren t available through our online comparison service as they all involve a level of investment risk. If you already use a financial intermediary then we suggest you speak to them about these types of product, but if you don t currently have a financial intermediary then we could help you find one. Investment linked annuity This type of annuity takes your pension fund and converts it into an income. Unlike a conventional annuity, the amount paid can vary as there is potential to receive more or less income, depending on how investment funds perform (though there is usually a minimum income that it can t fall below). Where is the money invested? The investment is typically made into a with profits fund which pools its customers pension funds together and, in times of growth, sets aside some of the fund to offset times where the fund may otherwise decrease. When considering this type of annuity you should ensure you have made provision in case the investment and your income were to fall and be able to budget for such a situation, potentially over a long period of time. The table below explains the pros and cons of this type of annuity. Investment linked annuities Pros If the value of your selected provider s fund increases, so will your annuity income in retirement. By setting the anticipated rate of return on the investment, you are able to tailor your initial income to suit your circumstances. Choosing a lower income initially may give you potential for an increased income in the future, depending on investment performance. Cons If the value of your selected provider s fund falls, then so will your income, so you will need to ensure that you can live on a lower income for a prolonged period of time. Your income is not guaranteed and may be subject to administration charges. We don t compare investment linked annuities. If you already use a financial intermediary then we suggest you speak to them about this type of product, but if you don t currently have a financial intermediary then we could help you find one.

13 13 Our guide to buying an annuity Purchased life annuity This type of annuity will either pay you a guaranteed income for life or for a fixed period of time. Purchased life annuities are often bought from savings, with money gained from an inheritance or by using the tax-free cash taken from a pension fund at retirement. Purchased life annuity Pros Provides an income guaranteed to be paid for a set period of time or for the rest of your life, dependent on what you choose. You can customise your annuity to match your individual circumstances, including providing protection against future inflation and providing an income for someone when you die. Cons Whilst the government has proposed the idea of selling an existing annuity for a lump sum, you are not able to make changes to it once it has been purchased, so you need to be sure about the choices you make. A purchased life annuity is subject to different tax treatment than a pension annuity. We don t compare purchased life annuities. If you already use a financial intermediary then we suggest you speak to them about this type of product. If you don t currently have a financial intermediary then we could help you find one.

14 14 Our guide to buying an annuity Drawdown pension This is a way of generating an income whilst not committing your pension into an annuity straight away. A drawdown pension allows you to draw down an income from your pension fund, whilst the fund remains invested. Care must be taken in deciding whether this product is suitable to your circumstances as there are elements of risk that could affect the income available to you. Drawdown pension Pros Flexibility about when and how much income can be taken, so you can wait to see if annuity rates improve, allowing time for your pension funds to potentially grow. You can delay the commitment to buying an annuity. Any future annuity purchase can be tailored to reflect your circumstances at that time. Flexibility around how death benefits can be paid to beneficiaries. From April 2015, new flexi-access drawdown plans have removed any limits to the amount of income you can withdraw. Cons If you take too much income or too many lump sums and/or the value of your investments falls, your pension savings may run out during your lifetime. It is therefore important that you keep track of the value of your plan, either by monitoring it yourself or through your financial intermediary. Because of the investment risks and charges involved, it is generally considered that a fund of 100,000 is required to make drawdown viable. This amount could be out of many peoples reach. Generally, smaller fund sizes may not survive a prolonged fall in investment performance. Fees will usually be charged for administration and investment management and the costs associated with these arrangements can be high. If you decide to delay taking out an annuity there is an element of risk annuity rates may fall which could mean a significant decrease in future income. If you already use a financial intermediary then we suggest you speak to them about this type of product, but if you don t currently have a financial intermediary then we could help you find one.

15 15 Our guide to buying an annuity Variable or third way annuities These are relatively new products to the UK and they offer an income while keeping your funds invested. Variable annuities usually have some in-built guarantee which protects your pension savings from falls in value whilst allowing some investment growth potential. If you choose a variable annuity, your pension is invested into your chosen provider s funds and you draw income in a similar way to a drawdown pension. The main difference to a drawdown pension is that the funds in which you invest your pension are protected by a guarantee, so if your investments fall, your income will not drop below a guaranteed minimum. Variable or third way annuities Pros If your investments rise, your income will rise as well (depending on the terms of the particular type of product you have chosen). If your investments fall then your income may fall but not below a guaranteed minimum. If your circumstances change you can tailor any future annuity purchase to reflect your current circumstances. Cons The guarantees come at a high cost which may make this product uneconomical for many people. There is no guarantee that your future income will be as high as that offered by a conventional annuity purchased today. These products vary significantly and are therefore difficult to compare. Variable annuities are not available through our Online Annuity Planner as customers considering such products require expert financial advice. If you already use a financial intermediary then we suggest you speak to them about this type of product, but if you don t currently have a financial intermediary then we could help you find one. Choosing annuity options There are several ways that you can ensure an annuity is tailored specifically to your needs. The following are the main options you can choose to add to your annuity: Tax-free cash and taxable lump sums Being able to withdraw a lump sum as tax-free cash (also known as a pension commencement lump sum or commutation ) before committing to an annuity is a crucial benefit that everyone should consider. Some of the key points to bear in mind are: You can usually take up to 25% of your pension fund at the start of your policy for anything you like as tax-free cash. The tax treatment will depend on your individual circumstance and may be subject to change. The remainder of your pension fund(s) is then used to buy an annuity that provides your retirement income. You don t have to take the 25%, you can take less or none it purely depends on your personal circumstances, but the more you take as tax-free cash the less of your pension fund there will be to generate an income for you. You can also take an initial taxable lump sum (above the 25% tax-free cash lump sum) at outset when you set your annuity up, if the annuity provider is able to offer the facility. However, this will further reduce the amount you have to purchase your income with, and as the name suggests, will be subject to tax at your marginal rate. Not every provider offers this. Our Online Annuity Planner will let you see the potential impact of the amount you choose on your retirement income to help you decide.

16 16 Our guide to buying an annuity When will income be paid? Annuities can be tailored to pay retirement income at a frequency of your choice. Some points to consider include: Payments can be made monthly, quarterly, every six months or even annually. The regular payment can be made either upfront (in advance) or at the end of your chosen payment frequency (in arrears). Choosing the frequency of payment will depend on your own circumstances and how you are able to budget between payments, as well as the impact it has on your retirement income. Your payments will stop when you die unless you have chosen to add options to your annuity to transfer elements of your annuity to others, see the section Providing for others. The new pension freedoms enable annuity income to decrease. This might enable you to be able to vary your income, for example take a higher initial income payment and potential reduce it at a later date. Not every provider offers this. The diagram below shows you how different payment options and timing works (assumes policy is taken out in January).

17 17 Our guide to buying an annuity Protecting against inflation When setting up your annuity it is worth considering how inflation may affect your regular income over time, as it could mean that the real value of your income is gradually reduced. Many retirees find one of the biggest financial challenges of retirement is budgeting to live on a fixed income. The graph below shows how the level income option may compare to an income linked to an inflation. The inflation linked options will reduce your income initially but increase each year, level income will be higher initially but won t increase each year. It may take you a number of years to recoup the income if you choose an inflation linked option. Explaining inflation-proofing options Regular income Level 3% 5% RPI Years Some important points to consider Most annuities offer options to automatically increase your annuity income each year by a set percentage or by linking to a measure of inflation such as the Retail Prices Index. Adding in any one of these options will reduce your initial income as your income will increase in the future. It is important to think carefully about the pros and cons of protecting your annuity against inflation. In times of deflation, some index linked annuities can decrease, while others have built in floors meaning your income will never fall below a set amount. Our Online Annuity Planner will let you quote for different levels of inflation protection and you will be able to see the potential impact on your income of choosing different options. Not all annuity options are compared on our online service please call us to ask about other inflation linked options.

18 18 Our guide to buying an annuity Providing for others A lifetime annuity pays you a regular income for the rest of your life but once you die your payments will ordinarily stop. You can choose to add options to ensure a loved one continues to benefit from an income from your annuity after you have passed away. The various options are: Dependant s pension (also known as joint-life annuity) When you die your annuity income can continue to your dependant/beneficiary and pay them an income, for the rest of their life. To be considered for an enhanced or impaired annuity, you will need to provide the medical details of the recipient so the annuity providers can factor this in. Including a benefit for a dependant or beneficiary will reduce the amount of income you receive use our Online Annuity Planner to see how different scenarios could affect your income in retirement. It is worth considering any provisions you/your dependant or any beneficiary may have already, such as pension or life assurance policies, and choosing the options that suit your situation. The diagram below shows you how this option works. Explaining joint-life annuity options At outset you can choose for a proportion of your pension to be paid to a spouse, civil partner or another person who is financially dependent on you after your death. You can choose different proportions of your income. The higher the dependant s pension you choose, the lower your annuity income will be. Year 1 Year 2 Year 3 Year 4 Year 5 No joint-life annuity pension annuity being paid No further payments 50% joint-life annuity pension annuity being paid 100% joint-life annuity pension annuity being paid DATE OF DEATH Spouse/partner continue being paid as 50% of your pension annuity until their death Spouse/partner continue being paid as 100% of your pension annuity until their death Policy terms continue until death DATE OF DEATH Our Online Annuity Planner will let you quote for 0%, 50% or 100% dependant s pension and you will be able to see the potential impact on your income of choosing different options. Not all annuity options are compared on our online service please call us to ask about other percentages of dependant s pension.

19 19 Our guide to buying an annuity Guarantee period An annuity income is payable for as long as the annuitant the person receiving the annuity lives. If they die soon after purchasing an annuity, it could be argued that they won t have had the best value. They can therefore choose a guarantee period (typically 5 or 10 years), which means that, if they die within that guarantee period, the annuity will continue to be paid for the remainder of that period. Annuitants can nominate anyone to receive the income from their guarantee period, either directly to the annuity provider or through their will. Including this option will reduce the amount of income you receive use our Online Annuity Planner to see how it could affect your income in retirement. The diagram below shows you how this option works. Explaining guarantee periods At the outset you can choose to include a guarantee period. If you were to die before the end of the guarantee, payments would continue to be made for the remainder of the guarantee period, to your nominated beneficiary. Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 NO GUARANTEE Pension stops on death 5 YEAR GUARANTEE DATE OF DEATH Your beneficiaries continue to receive your income for the remainder of the 5 year guarantee period 10 YEAR GUARANTEE Your beneficiaries continue to recieve your income for the remainder of the 10 year guarantee period 10 YEAR GUARANTEE DATE OF DEATH Pension stops on death Our Online Annuity Planner will let you quote for 0, 5 or 30 year guarantee periods* and you will be able to see the potential impact on your income of choosing different options. Not all annuity options are compared on our online service please call us to ask about other lengths of guarantee period required. *Not all providers will offer guarantee periods up to 30 years.

20 20 Our guide to buying an annuity Overlap This is an option that is only relevant if you have chosen both a dependant s pension and a guarantee period in the same policy. In the event of your death, it is possible for the person nominated to receive both of these benefits at the same time this is known as with overlap. The alternative is to choose to have the benefits run consecutively so any remaining guarantee period is paid first, before the dependant s annuity payments start without overlap. You may want to think about whether your dependant needs two incomes should you die early into the policy. Explaining WITH and WITHOUT overlap If you select both a guarantee period and a dependant s pension there is the possibility that both options could be activated at the same time. Should this occur you can choose whether they overlap and provide your beneficiaries with two incomes or run consecutively see the diagram below. Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 With overlap GUARANTEE PERIOD CHOSEN FOR 5 YEARS DATE OF DEATH Your beneficiaries continue to receive your income for the remainder of the guarantee period Dependant s pension with overlap in addition to the guarantee payments from your pension your dependants start to receive the dependant s income until their death DEPENDANT S DEATH Without overlap GUARANTEE PERIOD CHOSEN FOR 5 YEARS DATE OF DEATH Your beneficiaries continue to receive your income for the remainder of the guarantee period No income Your dependant s start to receive their annuity income until their death DEPENDANT S DEATH

A guide for customers

A guide for customers Pension Annuity A guide for customers Guaranteed income for life Pension Annuity If you re thinking... I want a secure income that is guaranteed to be paid for life, and I m not in the best of health.

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

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

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

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

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

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 02 What do you want to do with your pension fund? 07 A regular retirement income for the rest of your life 10 A flexible income from a Self Invested

More information

Key Annuities Features of the Just Retirement

Key Annuities Features of the Just Retirement Key Annuities Features of the Just Retirement Make Fixed Term your retirement Annuity income the best it can possibly be This brochure outlines the key features of the Just Retirement Fixed Term Annuity.

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

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

A Guide to Retirement Options. Contents

A Guide to Retirement Options. Contents A Guide to Retirement Options Contents 2. Quick Guide 5. Lifetime Annuities (Secured Pension) 6. Single Life and Joint Life Annuities 6. Level and Escalating Lifetime Annuities 6. Impaired Life and Enhanced

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

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

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

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

Customer guide to annuities. Understanding your options

Customer guide to annuities. Understanding your options Customer guide to annuities Understanding your options { 2 This guide is intended to provide an overview of your options at retirement, explain the various products available and point out their main advantages

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

A clear guide to your retirement options. We ll help you get there

A clear guide to your retirement options. We ll help you get there A clear guide to your retirement options investments pensions PROTECTION We ll help you get there Contents If you are retiring soon 3 Things to consider 4 Your options at a glance 6 Tax-free lump sums

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

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

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 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

Contents: What is an Annuity?

Contents: What is an Annuity? Contents: What is an Annuity? When might I need an annuity policy? Types of annuities Pension annuities Annuity income options Enhanced and Lifestyle annuities Impaired Life annuities Annuity rates FAQs

More information

Pension benefits guide How you can use your pension pot to suit your needs

Pension benefits guide How you can use your pension pot to suit your needs Pension benefits guide How you can use your pension pot to suit your needs axawealth.co.uk With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for

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

retirement planning the retirement you want Heineken UK Flexible Retirement Plan

retirement planning the retirement you want Heineken UK Flexible Retirement Plan my retirement planning the retirement you want Heineken UK Flexible Retirement Plan Contents Get an overview of the Heineken UK Flexible Retirement Plan What is the Flexible Retirement Plan? 4 Your benefits

More information

Pension Annuity. Key features

Pension Annuity. Key features 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

More information

Make the most of your retirement. Retire with Friends. It s good to talk to Friends

Make the most of your retirement. Retire with Friends. It s good to talk to Friends Make the most of your retirement Retire with Friends It s good to talk to Friends You can count on Friends Retirement today looks a lot different than it did for previous generations. It s good news. There

More information

Your guide to Annuities

Your guide to Annuities Your guide to Annuities From Standard Life It s good to know what s around the next corner 1 of 24 If you would like a secure source of income and have a built up pension fund or a lump sum to invest,

More information

Bulletin. Extended Guarantee Periods vs Value Protection. An overview of where a guarantee period or value protection might be most appropriate

Bulletin. Extended Guarantee Periods vs Value Protection. An overview of where a guarantee period or value protection might be most appropriate For financial intermediaries only. Not approved for use with customers. Bulletin Update following the chancellor s announcement on 25 November 2015 The Finance Act (no 2) 2015 received Royal Assent on

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

SIPP Key Facts. This is an important document which you should keep.

SIPP Key Facts. This is an important document which you should keep. SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires

More information

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

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

The Plan for Your Future

The Plan for Your Future The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting

More information

A guide to your retirement options

A guide to your retirement options A guide to your retirement options I have been looking forward to my retirement but now I am worried about making the right choice See your options page 4. Cathy has stood by me through the good times

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

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

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

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning & Guidance TA Contents I m approaching retirement, what are my financial options? 02 What is a Financial Broker? 03 Why would I need to use a Financial Broker? 03 What is an annuity? 05 A Guide to Annuities

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 01 Accessing your pension savings with Standard Life 03 What do you want to do with your pension pot? 09 A regular retirement income for the rest

More information

Your options at retirement

Your options at retirement UPDATED: 6 April 2015 NEW pension freedoms Your options at retirement How to take tax-free lump sums and income, under new pension freedoms One College Square South, Anchor Road, Bristol, BS1 5HL www.hl.co.uk

More information

Guide to Annuity Purchase

Guide to Annuity Purchase Fiducia Wealth Management Limited Guide to Annuity Purchase September 2012 For Professional Advisers Only Fiducia Wealth Management Ltd. Dedham Hall Business Centre, Brook Street, Colchester, Essex, CO7

More information

Your pension: it s time to choose

Your pension: it s time to choose Your pension: it s time to choose Thinking about retiring Deciding how to take your retirement income Shopping around for the best income The Money Advice Service is independent and set up by government

More information

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning & Guidance TA Contents I m approaching retirement, what are my financial options? 02 What is a Financial Broker? 03 Why would I need to use a Financial Broker? 03 What is an annuity? 05 A Guide to Annuities

More information

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways:

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways: BENEFITS Online links to further information are shown in underlined text below. Contents 1. Your own benefits 2. Benefits on death 3. Issues to consider 4. Other points These notes outline the benefits

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

25 Must Ask Annuity Questions

25 Must Ask Annuity Questions 25 Must Ask Annuity Questions When Can I Buy An Annuity? Who Is The Best Annuity Provider? Why Do I Need Advice? 1. What is an Annuity? If you have a private pension when you retire you can purchase an

More information

Guide to Buying a Pension Annuity

Guide to Buying a Pension Annuity Guide to Buying a Pension Annuity Contents Introduction 01 1. Pension Annuities 02 What is an Annuity? 02 Who Needs to Buy an Annuity? 02 Who Doesn t Need to Buy an Annuity? 02 Where Do You Buy an Annuity?

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

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. 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

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION FINANCIAL GUIDE A GUIDE TO New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION WELCOME Giving people more confidence to save into a pension Welcome to our Guide to New Pensions Freedom.

More information

Your guide to retirement savings and fund choices

Your guide to retirement savings and fund choices Your guide to retirement savings and fund choices The Global Connections Group Personal Pension Plan for employees automatically enrolled into the plan Contents What is The Global Connections Group Personal

More information

Flexible Income Annuity

Flexible Income Annuity Flexible Income Annuity Death Benefits For advisers For many people, making sure loved ones are provided for when they die is a top priority. The investment-linked Flexible Income Annuity from Retirement

More information

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk Investment Helpdesk: 0131 550 1212 www.cs-d.co.uk SIPP stands for Self Invested Personal Pension. SIPPs are a flexible type of personal pension. Like most, they are designed to provide a retirement pot

More information

Benefits guide for the AJ Bell Investcentre SIPP

Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Contents Introduction 3 SIPP benefits - the basics 3 Annuity, income drawdown and taxable lump sums - the commitments and risks

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

Your pension it s time to choose

Your pension it s time to choose Your pension it s time to choose The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. We try to ensure that the information

More information

Accessing your Additional Voluntary Contribution (AVC)

Accessing your Additional Voluntary Contribution (AVC) Accessing your Additional Voluntary Contribution (AVC) Accessing your AVC savings Now is the time to start making decisions about your retirement and your future. One of the most important things to think

More information

Welplan Pensions. Flexibility for members from 6 April 2016. Spotlight on flexibility:

Welplan Pensions. Flexibility for members from 6 April 2016. Spotlight on flexibility: Welplan Pensions Flexibility for members from 6 April 2016 Spotlight on flexibility: Pension freedom is great news for members Changes in the law mean that from 6 April 2015 many members of pension schemes

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

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments SIPP ISA Dealing Junior ISA SIPP key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information

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

Your retirement could have even more going for it

Your retirement could have even more going for it Your retirement could have even more going for it A straightforward guide to equity release For no obligation advice: call 0800 015 0993 www.justretirementsolutions.com Contents Imagine what you could

More information

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED.

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. Following Government changes effective on 6 April 2015, there are different ways for anyone over 55 to access their defined contribution pension pots

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

The Fiducia Guide to Retirement Planning

The Fiducia Guide to Retirement Planning The Fiducia Guide to Retirement Planning September 2012 Fiducia Wealth Management Limited Dedham Hall Business Centre, Brook Street Colchester, Essex, CO7 6AD Fiducia Wealth Management Limited is authorised

More information

The Retirement Account. Certainty, flexibility and simplicity for life

The Retirement Account. Certainty, flexibility and simplicity for life Certainty, flexibility and simplicity for life Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a well-established company that can trace our roots back over 150

More information

Information about tax relief, limits and your pension

Information about tax relief, limits and your pension Information about tax relief, limits and your pension Published: August 2015 Laws and tax rules have changed in 2015. The information here is based on our understanding in August 2015. Your personal circumstances

More information

Options available when deciding to take pension benefits

Options available when deciding to take pension benefits Options available when deciding to take pension benefits You can now use the money that has built up in your pension fund to provide you with an income in retirement. An income can be provided in any of

More information

Your Guide to Pension Freedom

Your Guide to Pension Freedom Your Guide to Pension Freedom 3 From April 2015, individuals will have more freedom to access their pensions. These changes mark a radical departure from the existing system, by giving you greater choice

More information

An Explanation of Pension Terms

An Explanation of Pension Terms abcdef An Explanation of Pension Terms Pension Term / Name Annual allowance Annuitant Annuity Bonuses Commutation Commutation for Smaller Pension Funds 10,000 or less Also Known or Previously Known As

More information

Planning a prosperous retirement

Planning a prosperous retirement Planning a prosperous retirement Towry s Guide to Retirement Planning About Towry We are one of the UK s leading Wealth Advisers and specialise in providing high quality, expert financial advice to private

More information

SELECT SIPP. Taking pension benefits guide

SELECT SIPP. Taking pension benefits guide SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give

More information

Basic Guide to Retirement Income Options

Basic Guide to Retirement Income Options Basic Guide to Retirement Income Options Can I afford to retire? Which retirement income solution is best for me? Should I take all my tax-free cash entitlement? Will my family benefit from my pension

More information

PLANNING THE RETIREMENT YOU WANT

PLANNING THE RETIREMENT YOU WANT PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you

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

A guide to the pension changes in April 2015

A guide to the pension changes in April 2015 A guide to the pension changes in April 2015 106027837.indd 1 05/01/2015 10:00 Contents What do the changes mean for you? 3 Summary of the changes from 6 April 2015 5 What s changed in practice? 6 How

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 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

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

Group Additional Voluntary Contributions Plan Key features

Group Additional Voluntary Contributions Plan Key features Group 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

Key features of the Home Retail Group Personal Pension Plan

Key features of the Home Retail Group Personal Pension Plan Key features of the Home Retail Group Personal Pension Plan This is an important document which you should keep in a safe place. You may need to read it in future. Home Retail Group Personal Pension Plan

More information

FSA Factsheet Retiring soon what you need to do about your pensions

FSA Factsheet Retiring soon what you need to do about your pensions October 2005 FSA Factsheet Retiring soon what you need to do about your pensions Financial Services Authority This factsheet is for you if: you re planning to retire soon, or you want to plan ahead; and

More information

Key features. For customers One Retirement

Key features. For customers One Retirement For customers One Retirement Key features Contents Its aims 02 Your commitment 02 Risks 03 Questions and answers 04 Secure retirement income (SRI) 08 Other information 11 How to contact us 12 The Financial

More information

Useful information about your retirement options

Useful information about your retirement options Your Options at Retirement Useful information about your retirement options It s important that you read and understand this brochure as it explains: Annuities and how they work Using the Open Market Option

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

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions PASSING ON YOUR PENSION A guide to death benefits from income drawdown Retirement Solutions It s now easier than ever to pass any remaining money in your pension to the people you love when you die. New

More information

Guaranteed Annuity. An income for life that will never fall

Guaranteed Annuity. An income for life that will never fall Guaranteed Annuity An income for life that will never fall 1 2 A guide to our Guaranteed Annuity Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a wellestablished

More information

All about Annuities. What annuity products are available from Irish Life? What is an annuity?

All about Annuities. What annuity products are available from Irish Life? What is an annuity? All about Annuities Irish Life appreciates that you have worked hard to save for your retirement. Deciding what to do with your pension fund is one of the most important decisions you will have to make.

More information

ALL ABOUT ANNUITIES JUNE 2015 WHAT ANNUITY PRODUCTS ARE AVAILABLE FROM IRISH LIFE?

ALL ABOUT ANNUITIES JUNE 2015 WHAT ANNUITY PRODUCTS ARE AVAILABLE FROM IRISH LIFE? PENSIONS INVESTMENTS LIFE INSURANCE ALL ABOUT ANNUITIES JUNE 2015 Irish Life appreciates that you have worked hard to save for your retirement. Deciding what to do with your pension fund is one of the

More information

Close Brothers Self Directed Service Key Features and Charges

Close Brothers Self Directed Service Key Features and Charges Close Brothers Self Directed Service Key Features and Charges Contents 1) Key Features of the Close Stocks & Shares ISA and Close Cash ISA 2) Key Features of the Close Investment Account 3) Key Features

More information

Guide to Annuities. TQinvest.co.uk

Guide to Annuities. TQinvest.co.uk Guide to Annuities TQinvest.co.uk 03 Introduction 04 TQ Invest - helping you get the best deal 06 Your Annuity product options 08 Options and benefits 10 Offering more options our service to you 11 About

More information

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET O P Q RETIREMENT & DEATH BENEFITS PLAN For Employees of The OPQ Company MEMBERS' BOOKLET 2014 EDITION Reviewed January 2014 INTRODUCTION This booklet is an overview of the main benefits and conditions

More information

RETIREMENT TIMETABLE. With effect from 6 April 2015, changes to pensions law gives people greater freedom over how they access their pension savings.

RETIREMENT TIMETABLE. With effect from 6 April 2015, changes to pensions law gives people greater freedom over how they access their pension savings. RETIREMENT TIMETABLE abcdef Important Note: With effect from 6 April 2015, changes to pensions law gives people greater freedom over how they access their pension savings. Everyone retiring from 6 April

More information

With new options available from April 2015, we can help you plan your finances for a worry-free retirement

With new options available from April 2015, we can help you plan your finances for a worry-free retirement Your retirement With new options available from April 2015, we can help you plan your finances for a worry-free retirement Life is full of financial decisions and planning your retirement is one of the

More information

Preparing for 6 April 2015 Are you ready for Question Time?

Preparing for 6 April 2015 Are you ready for Question Time? Are you ready for Question Time? Background The new flexible pension regime will come into effect on 6 April 2015 There is already extensive press coverage of the changes In understanding the changes it

More information