With Profits Pension Annuity - The basics

• You can buy our With Profits Pension Annuity with the proceeds of any registered UK pension scheme (excluding any benefits arising from contracting out of the earnings related part of the State Pension Scheme) as long as the rules allow this, subject to a minimum premium.
• A with profits pension annuity will provide you with a regular income for life.
• It allows you to share in the long-term growth potential of a With Profits investment during your retirement, but the level of income could be lower than a non profit pension annuity.
• The income from your With Profits Pension Annuity is likely to change from year to year, but is guaranteed not to fall below a minimum level. However, you must consider whether you can afford to take the risk that your income may go down, especially if you will be depending on it to maintain your standard of living.
• You are normally eligible for this type of annuity as long as you're aged between 50 and 75 (the minimum age will be increased to 55 on 6 April 2010). You can find out about other eligibility criteria here.
• We offer you a range of payment options so you can choose those that suit you.
• Annuities are complex products and it is always advisable to seek financial advice about your options before purchasing one. Please view the risks associated with this product.