Your clients can choose the level of income and maturity to suit their individual circumstances. They can select a higher income with a lower maturity value, or a lower, or nil income with a higher maturity value, all with a term between 3 and 40 years. The choice is theirs!
Once the term of your client's plan comes to an end and we have paid your client the maturity value, set at outset, your client will receive no more income from us. The plan does not pay an income for life. If your client uses the maturity value to provide them with further income, the value may not be enough to provide the same level of income that they were receiving during the plan term.
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.