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Adviser Centre

Cash-Out Retirement Plan.

At a Glance

CERTAINTY

With a set amount of income for a fixed term, your clients will know exactly what they'll get and when, allowing them to concentrate on enjoying their retirement.

 

what is it?

  • The Cash-Out Retirement Plan is a fixed term contract that allows your client to receive regular income payments over a term of between 3 and 40 years.  They pay us a lump sum and we then commit to pay them regular income monthly, quarterly, half yearly or yearly over a fixed term of their choice.
  • It enables your client to withdraw the full value of their pension pot over a period of their choice.
  • Minimum of £10,000 either by transferring all or part of an existing pension plan(s) or by making a lump sum personal pension contribution.

 

 

CONSIDER IF YOUR CLIENTS

  • Are aged 55 or over.
  • Want to take the money out of their pension pot but want to spread the withdrawal over several years, to maximise tax efficiency, with no further payments at the end of the term.
  • Don't want the value of their pension pot to go up and down depending on investment performance and want to know exactly how much they will receive back and when.   
  • Want to use their pension pot to provide an income for a specific period, for example:
    • To bridge the gap to an alternative source of retirement income such as a final salary pension, or
    • If they are deferring their State Pension to increase the amount of income it pays.

Once the term of your client's plan comes to an end your client will receive no more income from us, there is no maturity value and there will be no other payments made.  The plan does not pay an income for life.

Why choose us?

Established

We’re one of the UK’s leading financial services companies and have been established for 179 years.

Immediate retirement personal pension

Your client can pay a one-off contribution to our personal pension plan. We’ll add tax relief before using the fund to provide them with a pension income.

Any contributions made over the current Annual Allowance of £40,000 for tax year 2015/2016 could be subject to a tax charge.