Which plans have guaranteed rates which can be used to turn the fund into a pension income (guaranteed annuity rates)?
Guaranteed rates apply to occupational plans taken out as a result of the High Performance Pension Plan and Personal Investment Plan for Executives (HP3/PIPE) conversion exercise in 1996 onwards. Many of these plans were converted to Executive Pension Plans, or to Section 32 Buy Out Plans. Personal Retirement Plans / Golden Years Plans also have annuity guarantees available from the client's 60th birthday.
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