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Our With Profits Pension Annuity provides a regular income for life. The income is linked to the performance of our With Profit Fund, so your client’s income has the potential to vary up or down, but will never go below the guaranteed minimum level.
The minimum age your clients can buy this annuity is 55. It may be possible to buy this at a younger age if your client is retiring through ill health or the annuity is being bought for a dependant following the death of a member of a pension scheme (minimum age for recipient is 20).
The maximum age at which we can open this plan for payments from full fund transfers or the Open Market Option is 90.
Income is paid to the retiree as long as they live and, if a dependant’s option is chosen, to that person as long as they live. Or until conversion to a Pension Annuity.
Minimum payment to start this plan is £20,000 after taking tax-free sums and paying adviser charges. We impose a maximum amount of £1,000,000 on this plan.
Anticipated Bonus Rate
Your clients can choose a rate between 0 and 5%, in 0.25% steps.
Guarantee Period Option
We offer a guarantee period of up to 10 years. If your client dies after 90 days but within the guarantee period, we’ll carry on making annuity payments to the estate or dependant until the end of that period. This does not apply if the annuity was purchased by the trustees of a defined benefit pension scheme.
When we work out the bonuses, we take 0.7% of the plan value to allow for our expenses. These expenses include administration costs, investment costs, and any gap in projected life expectancy of our With Profits Pension Annuity plan holders.
We may take an extra annual charge from asset share towards the cost of these guarantees. This charge is reviewed at least annually and is currently zero.
The first two changes to the level of ABR are free but the third and subsequent changes may incur a charge.
We’re happy to facilitate an adviser charge. This can be a fixed amount or a percentage of the amount used to buy the annuity, with the option of specifying a minimum and/or a maximum amount.
1.3% plus uplift. Rebating in 5% steps is allowed.
For more information, call us on 0800 015 4909
Email us at firstname.lastname@example.org
Every financial product has its benefits and risks. Please consider them all carefully before recommending our With Profit Pension Annuity product to your clients:
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