The benefits for different clients
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- Irma Henry
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1 For financial intermediaries only. Not approved for use with customers. Guaranteed Income for Life Solutions The benefits for different clients The pension reforms have prompted numerous discussions about retirement freedom and choices and the associated implications. It provides a good opportunity to review some of the situations where a guaranteed income for life could form all, or part of, an effective retirement income solution, and to consider where other options such as flexible-access drawdown might be appropriate. The benefits of a guaranteed income for life Whatever your client s fund size or requirements, it s worth considering if a guaranteed income for life, provided by a pension annuity, could meet some of their retirement income needs. For example, take Hilary, Simon and Brian. Case study Pension pot size Health and lifestyle included Hilary 60,000 3 Low Simon Brian 133,333 Plus Defined Benefit pension of 4,000 p.a. 333,333 Plus Defined Benefit pension of 10,000 p.a. Attitude to risk Outcome Read their detailed case study Guaranteed income for life Page Low Blended solution Page Moderate Blended solution Page 6-7
2 Let s start with Hilary She s aged 65, single and has a pension pot of 60,000 and receives her state pension of 6,206 per annum (p.a.). She opts to take her tax-free lump sum of 15,000 and then has to make a choice with the balance 45,000. She could opt to take a taxed lump sum of 35,318 but, she would need to pay 9,682 up front because of the total tax liability. However, Hilary is reliant on this pot of money to generate an income as she only has the state pension of 6,206 p.a. as her other source of retirement income and knows that she will probably have to get a part time job to make ends meet. Clearly Hilary has no capacity for loss and is also a very cautious investor. The thought of having to take the responsibility of where to invest the taxed lump sum isn t attractive to her. As a result, because Hilary doesn t have any capacity for loss she can t afford to risk any of her income in retirement so she also can t consider drawdown. Instead she investigates what rate of guaranteed income for life she could obtain with her 45,000. She s a smoker and also takes one medication for high blood pressure, so Just Retirement was able to offer her a rate of 2,744 p.a. 1. This compares favourably with the rate she was offered by the provider who originally looked after her pension savings of 2,129 p.a. 1 and the best open market rate offered of 2,391 2 p.a. Hilary is satisfied that her adviser has hunted out the best rate of guaranteed income for life for her circumstances and proceeds because this income will all be tax-free. It will boost the income received from her state pension by 2,744 each year or 44% 1. How a guaranteed income for life helped Hilary: After taking her tax-free lump sum, Hilary relies on the remaining 45,000 to provide an income because she only has the state pension as her other source of retirement income. Having taken into account Hilary s health, Just Retirement offered her a rate of 2,744 p.a. 1, which was better than the best open market option and the provider who looked after her pension savings. See the graph on page 3 for how the figures compared. 2
3 Summary for Hilary Age: 65 Marital status: Single Health: Smoker / High blood pressure one medication taken Total of personal pension pot: 60,000 State pension (income per annum): 6,206 25% of personal pension pot taken as a tax-free lump sum: 15,000 Remainder of pension pot: 45,000 to be used to generate a guaranteed income for life. Taking the remainder of her personal pension pot as a taxed lump sum was not a favourable solution for Hilary, due to a total tax liability of 9,682. Drawdown was not a favourable solution for Hilary, as she has no capacity for loss. How Hilary s guaranteed income for life compares Just Retirement 2,744 1 Comparison Best standard open market 2,391 2 Existing provider 2, ,000 1,500 2,000 2,500 3,000 Retirement income per annum 3
4 Now let s consider Simon He s aged 65, married and has a pension pot of 133,333. He also has a defined benefit pension of 4,000 p.a. and the state pension of 6,206 p.a. He decides to take his tax-free lump sum of 33,333 and then has to make a choice with the remaining 100,000. He rules out taking a taxed lump sum because if he were to take this, he d have to pay in total 35,323 in tax (of which 28,924 is payable within the 40% tax band). He has sufficient income through his state and defined benefit pensions to cover his essential expenditure, and Simon s adviser calculates that he only needs 3,000 each year on top to cover the additional costs that he expects to have, and investigates what rate a guaranteed income for life could return. Simon has decided that he could afford to make use of the extra money he has in investments that have some risk associated, and understands that he has some capacity for loss knowing that his essential expenditure is covered. Simon is clear that he wants to get at least his money back from a guaranteed income for life, so his adviser includes 100% value protection on Simon s required income of 3,000 p.a. 3. His adviser includes Simon s health and lifestyle conditions: he s a smoker and takes one medication for high blood pressure so Just Retirement were able to provide this income at a cost of 67, This leaves 32,208 for him to invest in drawdown. As a result, Simon is happy that he s secured sufficient income to cover his essential costs in retirement his personal minimum income requirement to take account of his personal expenditure and is happy to invest the balance 32,208 in drawdown in a cautious investment portfolio to generate an income. In addition, the value protection facility on his guaranteed income for life ensures that his wife is catered for in the event of his death, and is supplemented by her being able to inherit the balance of his drawdown plan and defined benefits pension. How a guaranteed income for life helped Simon: After taking his tax-free lump sum, Simon has sufficient retirement income to cover his basic living costs therefore he has some flexibility around how he uses the remaining 75% of his pension pot. His financial adviser calculates he needs a further 3,000 per annum to cover additional living costs, which equates purchasing a guaranteed income for life, provided by Just Retirement of at a cost of 67,792 (having taken into account Simon s health and lifestyle) 3. Simon opts for 100% value protection so he will get the balance of his money back, which can be passed to his wife on his death. This leaves Simon with 32,208 to invest in a cautious drawdown portfolio (with his wife being able to inherit any of the balance left over). The graph on page 5 highlights Simon s blended solution. 4
5 Summary for Simon Age: 65 Marital status: Married Health: Smoker / High blood pressure one medication taken Total of personal pension pot: 133,333 Defined benefit pension (income per annum): 4,000 State pension (income per annum): 6,206 25% of personal pension pot taken as a tax-free lump sum: 33,333 Remainder of pension pot: 100,000 to be split by a) guaranteed income for life and b) investment in cautious drawdown portfolio. Taking the remainder of his personal pension pot was not a favourable solution for Simon due to a total tax liability of 35,323 (of which 28,924 is payable as tax within the 40% tax band). Simon requires a blended solution Just Retirement Guaranteed Income for Life 67,792 3 Asset portfolio Cautious Drawdown Portfolio 32,208 Total in blended solution 100,000 20,000 40,000 60,000 80, ,000 Value 5
6 Finally, let s consider Brian s needs Brian is aged 65 and married. He has a residual pension pot of 250,000 having taken his tax-free cash. He s also in receipt of a defined benefit pension of 10,000 p.a. and the state pension of 6,206 p.a. For Brian, taking the total fund as a taxable lump sum is ruled out because of the 105,892 of tax he would need to pay, the majority of which is made up from income falling within the 40% and 45% tax bands. He has a considerable capacity for loss and a moderate attitude to investment risk so he opts for drawdown. However, Brian is searching for a strong yield and believes that he can generate around 3% p.a. as a natural income from a drawdown portfolio. This would amount to 7,500 p.a. as an income withdrawal. Brian investigates whether purchasing a guaranteed income for life would help him improve this income yield and considers purchasing such a plan with 50,000 of his available 250,000. To establish the best rate he could get from a guaranteed income for life solution, Brian s adviser collects details about his health and lifestyle. Brian is 6 1 and weighs 18 stone 2lbs. His 50,000 could purchase him a guaranteed income for life of 2,715 p.a. ie. a gross rate of 5.4% 4. Excluding his defined benefit pension and state pension, this brings his total annual income to 8,715 (comprising of a 3% yield on the 200,000 invested in drawdown an amount of 6,000 p.a. plus the 2,715 p.a. 4 from the guaranteed income for life). Adopting this route would increase Brian s income yield by 16% (from 3.00% to 3.48%). What s more, it may give him the confidence to take greater risk in his drawdown plan because with this route, he will have secured over 30% of his private pension income through a guaranteed income for life. Brian liked the idea of using 50,000 of his 250,000 in this way, because he was able to invest the balance of 200,000 in equity funds, and not have to use fixed interest funds, as this element of the asset portfolio was accounted for by the guaranteed income for life solution. In addition, his adviser has also helped him cater for the needs of his wife should he predecease her, using the funds held in the drawdown plan and from the widow s entitlement to his defined benefit pension. How a guaranteed income for life helped Brian: After taking his tax-free lump sum, Brian has plenty of capacity for loss and moderate attitude to investment risk, so opted for drawdown with the remainder of his personal pension pot. Brian feels a suitable drawdown portfolio will generate around 3% yield equating to 7,500 p.a. of income. However, Brian investigates whether using some of his 250,000 to purchase a guaranteed income for life can improve his income yield. Brian uses 50,000 from his pension pot towards purchasing a guaranteed income for life leaving him to invest the remaining 200,000 in equity funds. This improves Brian s total yield by 16% (from 3.00% to 3.48%). Because Brian has now secured 31% of his private pension income through a guaranteed income for life, it may allow him to take more risk with his drawdown plan. On Brian s death his wife would benefit from the balance of the funds held in the drawdown plan and from the widow s entitlement to his defined benefit pension. The diagrams on page 7 show Brian s asset and income portfolios. 6
7 Summary for Brian Age: 65 Marital status: Married Total of personal pension pot: 333,333 Defined benefit pension (income per annum): 10,000 State pension (income per annum): 6,206 25% of personal pension pot taken as a tax-free lump sum: 83,333 Remainder of pension pot: 250,000 split to generate a guaranteed income for life and invested using drawdown. Taking the remainder of his personal pension pot as a taxed lump sum was not favourable solution for Brian, due to a tax liability of 105,892 (see above) the majority of which would be payable as tax within the 45% tax band. Brian s asset portolio 50,000 4 Drawdown 200,000 Guaranteed income for life Brian s income portfolio 2,715 p.a. 4 Drawdown 6,000 p.a. Guaranteed income for life 7
8 For more information contact: Telephone: Lines are open Monday to Friday, 8.30am to 5.30pm. us: Or visit our website for further information: 1. The illustration is based on an individual aged 65 who is a 20 per day smoker and takes one medication daily for high blood pressure. With a 45,000 pension fund, five-year guarantee period, monthly in advance, no escalation, no value protection, no dependant s pension, based on RH2 7RT postcode. A facilitated adviser charge of 2% has been assumed. Rates via The Exchange from Iress on Rates offered via The Exchange from Iress on The illustration is based on an individual aged 65 who is a 20 per day smoker and takes one medication daily for high blood pressure. Purchase price of 55,895, paid monthly in advance, no escalation, with 100% value protection, no dependant s pension, based on RH2 7RT postcode. A facilitated adviser charge of 2% has been assumed. Rates via The Exchange from Iress on The illustration is based on an individual aged 65, 6 1 tall and weighing 18st 2lbs. Purchase price of 50,000, paid monthly in advance, no escalation, five-year guaranteed period, no dependant s pension, based on RH2 7RT postcode. A facilitated adviser charge of 2% has been assumed. Rates via The Exchange from Iress on Just Retirement Limited. Registered Office: Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU. Registered in England Number Calls may be monitored and recorded, and call charges may apply. Please contact us if you would like this document in an alternative format /2016
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