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Fixed term annuities

For our Fixed Term and Cash-Out Retirement Plans

Step 1 of 5

Quote and application details

Please choose the product your client is applying for this field is required

To process your client's application you need to have received a guaranteed quote. You can’t apply with a verbal quote.

Quotes are guaranteed for 15 days if the options selected and all personal details remain the same. If your client’s quote has expired, please request a new quote before applying.

If we receive your client's pension pot(s) within the 30 days we'll set up your client's plan using the rate used in the quote, or the rates at the time, if they are higher.

If your client's pension pot(s) are received after the extended quote guarantee period expires, then the rates available at the time will apply. This may change the amount they receive.

Please provide below the guaranteed quote reference number(s) your client wishes to accept. We are unable to process your client's application without this information.

 

This application is for the benefits and terms chosen in the quote number(s) listed above.

Your client can't combine funds that are in drawdown (crystallised) with another pension pot to buy a Fixed Term Retirement Plan. Funds that aren't in drawdown or have not been accessed (uncrystallised) can be combined.

If your client has multiple funds and they would like to use these to purchase a Fixed Term Retirement Plan, separate quotes and plans will be required for each individual crystallised fund.

We will not accept this application if:

  1. It’s for anything other than a Fixed Term Retirement Plan.
  2. It’s in respect of an undischarged bankruptcy or where the pension has been vested in a Trustee in Bankruptcy.
  3. The pension benefits being used to buy this product are coming from an Open Market Option, death benefits or post-retirement divorce settlement (Disqualifying Pension Credit). We can accept benefits arising from pre-retirement divorce settlements (Non-Disqualifying Pension Credit).
  4. The transfer of funds is not from a UK pension scheme.
    The applicant is not applying on their own behalf but as a nominee, trustee, or in a fiduciary capacity for another person.
  5. The pension benefits being used to buy this plan relate to a Defined Benefit/Final Salary, Guaranteed Minimum Pension or Guaranteed Annuity Rate transfer, valued at greater than £30,000 and your client has not received advice.
  6. It's in respect of a partial transfer from a drawdown arrangement.
  7. Your client is currently living overseas.

 

This application is for the benefits and terms chosen in the quote number(s) listed above.

Your client can't combine funds that are in drawdown (crystallised) with another pension pot to buy a Cash-Out Retirement Plan. Funds that aren't in drawdown or have not been accessed (uncrystallised) can be combined.

If your client has multiple funds and they would like to use these to purchase a Cash-Out Retirement Plan, separate quotes and plans will be required for each individual crystallised fund.

We will not accept this application if:

  1. It’s for anything other than a Cash-Out Retirement Plan.
  2. It’s in respect of an undischarged bankruptcy or where the pension has been vested in a Trustee in Bankruptcy.
  3. The pension benefits being used to buy this product are coming from an Open Market Option, death benefits or post-retirement divorce settlement (Disqualifying Pension Credit). We can accept benefits arising from pre-retirement divorce settlements (Non-Disqualifying Pension Credit).
  4. The transfer of funds is not from a UK pension scheme.
    The applicant is not applying on their own behalf but as a nominee, trustee, or in a fiduciary capacity for another person.
  5. The pension benefits being used to buy this plan relate to a Defined Benefit/Final Salary, Guaranteed Minimum Pension or Guaranteed Annuity Rate transfer, valued at greater than £30,000 and your client has not received advice.
  6. It's in respect of a partial transfer from a drawdown arrangement.
  7. Your client is currently living overseas.
Before continuing this field is required

Notes for you about this application

You should ensure that your client reads and understands the Key Features and the Terms and Conditions of this Fixed Term Retirement Plan before they buy. 

If the application takes longer than six months to complete, we’ll require a new declaration to be completed confirming the information previously provided is still valid. We will not complete the application until the new declaration is received.

Personal information

Your client's personal information provided in this application will be shared with fraud prevention agencies to prevent fraud and money-laundering and to verify your client's identity. If fraud is detected, they could be refused certain services, finance, or employment. Further details of how your client's information will be used by us and these fraud prevention agencies, and their data protection rights, can be found on legalandgeneral.com/cifas.

What needs to be signed and dated

You will be signing this application form on behalf of your client. We will not require a wet signature.

Changes to their details

If any of their details change after you have sent this application to us, please contact us immediately to let us know.

 

Notes for you about this application

You should ensure that your client reads and understands the Key Features and the Terms and Conditions of this Cash-Out Retirement Plan before they buy. 

If the application takes longer than six months to complete, we’ll require a new declaration to be completed confirming the information previously provided is still valid. We will not complete the application until the new declaration is received.

Personal information

Your client's personal information provided in this application will be shared with fraud prevention agencies to prevent fraud and money-laundering and to verify your client's identity. If fraud is detected, they could be refused certain services, finance, or employment. Further details of how your client's information will be used by us and these fraud prevention agencies, and their data protection rights, can be found on legalandgeneral.com/cifas.

What needs to be signed and dated

You will be signing this application form on behalf of your clients. We will not require a wet signature.

Changes to their details

If any of their details change after you have sent this application to us, please contact us immediately to let us know.

 

I've read and explained these notes to my client. My client has consented to me completing this application form on their behalf and confirmed the accuracy of the information provided by me in this application form. this field is required

Client details

Gender this field is required
Does your client wish to provide a pension to a spouse, registered civil partner or dependant on their death? this field is required

Your client's spouse, registered civil partner or dependant details

Only complete this section if your client has chosen an income for their dependant (shown as ‘Joint Life’ on the quote).

If your client would also like this person to receive any continuing payments from a guaranteed minimum payment period, please enter their details again in the ‘Beneficiary details’ section.

 

For example, husband, wife or partner.

If your client has chosen benefits for their dependant, the recipient of these payments must not be a child and must be financially dependent on or interdependent with them, or their spouse, or civil partner at the time of their death. Any nomination they make in this regard will be binding on us. If the person they have chosen dies before them there will be no dependant’s benefits.

Payment details

Please give details of where your client's income and any tax-free cash is to be paid. Any tax due will normally be deducted before they receive each payment. All payments will be made to them in British Pounds Sterling. Any conversion to another currency will be at their expense.

Your client must be either the sole or joint account holder.
Has your client selected guaranteed minimum payment period? this field is required

Beneficiary details

You can tell us below who your client nominates for any continuing payments from a guaranteed minimum payment period. Your client can change their nomination at any time by contacting us. 

Your client’s beneficiary will be chosen by us, but we’ll always take into account any nomination they make.
 
When we decide who to pay, after your client dies, we’ll act on the basis that they’ve agreed to a wider nomination of anyone we choose. This wider nomination gives us more flexibility in who we pay. This is especially helpful if their specific nomination becomes outdated.

Nomination one

The total across all nominees must equal 100%.
For example wife, partner or father.
Would your client like to add another beneficiary? this field is required

Nomination two

The total across all nominees must equal 100%.
For example wife, partner or father.
Would your client like to add another beneficiary? this field is required

Nomination three

The total across all nominees must equal 100%.
For example wife, partner or father.

Your client's pensions

Please give details of each of your client's transferring pension scheme(s) including any L&G schemes.

Scheme one

Are the funds already in drawdown? this field is requiredIf the funds are in drawdown, we can only accept a full transfer.
Did your client's plan go into it drawdown before 6th April 2024? this field is required
As you said the funds are in drawdown, we can only accept a full transfer. this field is requiredPlease note – Funds that are in drawdown (crystallised) can’t be combined to purchase a Fixed Term Retirement Plan or Cash-Out Retirement Plan. A separate quote and application must be made for each individual drawdown (crystallised) fund being used to set up a Fixed Term Retirement Plan or Cash-Out Retirement Plan.
Is this a full or partial transfer? this field is required
Does your client want to take a tax-free cash sum? this field is required

Please note

We will normally pay any tax-free cash due. Your client's current provider can only pay tax-free cash to them if their existing plan is in drawdown or has been designated for drawdown.

 

Is the maximum tax-free cash required (normally 25% of the fund value)? this field is required
Would your client like to add another scheme? this field is required

Scheme two

Are the funds already in drawdown? this field is requiredIf the funds are in drawdown, we can only accept a full transfer.
Did your client's plan go into it drawdown before 6th April 2024? this field is required
As you said the funds are in drawdown, we can only accept a full transfer. this field is requiredPlease note – Funds that are in drawdown (crystallised) can’t be combined to purchase a Fixed Term Retirement Plan or Cash-Out Retirement Plan. A separate quote and application must be made for each individual drawdown (crystallised) fund being used to set up a Fixed Term Retirement Plan or Cash-Out Retirement Plan.
Is this a full or partial transfer? this field is required
Does your client want to take a tax-free cash sum? this field is required

Please note

We will normally pay any tax-free cash due. Your client's current provider can only pay tax-free cash to them if their existing plan is in drawdown or has been designated for drawdown.

Is the maximum tax-free cash required (normally 25% of the fund value)? this field is required
Would your client like to add another scheme? this field is required

Scheme three

Are the funds already in drawdown? If the funds are in drawdown, we can only accept a full transfer.
Did your client's plan go into it drawdown before 6th April 2024? this field is required
As you said the funds are in drawdown, we can only accept a full transfer. this field is requiredPlease note – Funds that are in drawdown (crystallised) can’t be combined to purchase a Fixed Term Retirement Plan or Cash-Out Retirement Plan. A separate quote and application must be made for each individual drawdown (crystallised) fund being used to set up a Fixed Term Retirement Plan or Cash-Out Retirement Plan.
Is this a full or partial transfer? this field is required
Does your client want to take a tax-free cash sum? this field is required

Please note

We will normally pay any tax-free cash due. Your client's current provider can only pay tax-free cash to them if their existing plan is in drawdown or has been designated for drawdown.

 

Is the maximum tax-free cash required (normally 25% of the fund value)? this field is required
Would your client like to add another scheme? this field is required

Scheme four

Are the funds already in drawdown? this field is requiredIf the funds are in drawdown, we can only accept a full transfer.
Did your client's plan go into it drawdown before 6th April 2024? this field is required
As you said the funds are in drawdown, we can only accept a full transfer. this field is requiredPlease note – Funds that are in drawdown (crystallised) can’t be combined to purchase a Fixed Term Retirement Plan or Cash-Out Retirement Plan. A separate quote and application must be made for each individual drawdown (crystallised) fund being used to set up a Fixed Term Retirement Plan or Cash-Out Retirement Plan.
Is this a full or partial transfer? this field is required
Does your client want to take a tax-free cash sum? this field is required

Please note

We will normally pay any tax-free cash due. Your client's current provider can only pay tax-free cash to them if their existing plan is in drawdown or has been designated for drawdown.

 

Is the maximum tax-free cash required (normally 25% of the fund value)? this field is required
Would your client like to add another scheme? this field is required

Scheme five

Are the funds already in drawdown? this field is requiredIf the funds are in drawdown, we can only accept a full transfer.
Did your client's plan go into it drawdown before 6th April 2024? this field is required
As you said the funds are in drawdown, we can only accept a full transfer. this field is requiredPlease note – Funds that are in drawdown (crystallised) can’t be combined to purchase a Fixed Term Retirement Plan or Cash-Out Retirement Plan. A separate quote and application must be made for each individual drawdown (crystallised) fund being used to set up a Fixed Term Retirement Plan or Cash-Out Retirement Plan.
Is this a full or partial transfer? this field is required
Does your client want to take a tax-free cash sum? this field is required

Please note

We will normally pay any tax-free cash due. Your client's current provider can only pay tax-free cash to them if their existing plan is in drawdown or has been designated for drawdown.

 

Is the maximum tax-free cash required (normally 25% of the fund value)? this field is required

Lump Sum Allowances

Understanding the rules around the Lump Sum Allowance and the Lump Sum and Death Benefit Allowance is important because if you provide incorrect or incomplete information on your client's behalf they may become liable to a tax charge.

The Lump Sum Allowances covers:

  • any tax-free lump sums taken before 6 April 2024
  • any tax-free lump sums they have already taken since 6 April 2024
  • the tax-free part of any UFPLS taken since 6 April 2024
  • any tax-free cash that they are about to take.

The Lump Sum and Death Benefit Allowance covers the above items and also includes serious ill-health lump sums taken since 6 April 2024.

 

Is your client about to take a tax-free cash sum that takes them over the current standard Lump Sum Allowance of £268,275? this field is required
Is your client about to take a tax-free cash sum that takes them over the current standard Lump Sum and Death Benefit Allowance of £1,073,100? this field is required
Do they have any protection in place against the Lump Sum Allowance or Lump Sum and Death Benefit Allowance? this field is requiredIf your client doesn't have any protection in place. Please call us on 0345 071 0040. Monday to Friday 9am - 5pm.

As you've selected 'Yes' to the above question.

Once you have submitted this application on your client’s behalf, please upload a copy of your client’s protection certificate in the ‘Any documents to upload’ section at the end of the form.

Declaration and agreement

As an adviser, you’re responsible for retaining evidence that your client has been made aware, understands and agrees to the important information as worded below, before the application is completed. You must agree and provide consent on behalf of your client to continue with their application. Please remember that this is a serious offence to make a false statement, the penalties are severe and could lead to prosecution.

To my current provider(s) and L&G

1. I apply to become a member of the L&G Retirement Pension Scheme (the 'Scheme').

2. I agree to be bound by the Rules of the Scheme and the terms and conditions of the Fixed Term Retirement Plan.

3. I confirm that I have been provided with copies of the Terms and Conditions and Key Features Document for the Fixed Term Retirement Plan.

4. I authorise L&G, my current provider and any financial adviser/intermediary named in this application to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to L&G.

5. I accept that in order to comply with regulatory obligations, L&G and my current provider(s) named in this application may need to verify my identity and residential address and may use credit reference agency searches and ask for my documents to verify my identity and address.

6. I agree that my chosen quote and the information contained in this application, will be used to determine the benefits to be paid and if any of the information is found to be incorrect my benefits may be adjusted accordingly.

7. I authorise and instruct my current provider to transfer the sums and assets from the plan/ arrangement(s) I have detailed directly to the L&G Retirement Pension Scheme, and to provide any instruction and/ or discharge required by any relevant third party to do so.  

Until this application is accepted and complete, L&G's responsibility is limited to the return of the total payment(s) to my current provider(s).

When payment is made to L&G as instructed, this means I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in this application where the whole of the plan(s) is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.

8. I confirm that I have not received financial advice from L&G about purchasing my Fixed Term Retirement Plan.

9. If I’ve asked L&G to arrange payment of an adviser charge, details of this charge will be shown in my quote. By signing this form, I instruct L&G to: 

  • deduct that adviser charge in accordance with my quote; and
  • pay it to my financial adviser’s firm as shown in the quote or shown in the ‘Financial Adviser / Intermediary’ section of the application form.

Once the Fixed Term Retirement Plan has been set up and the cancellation period has expired, I cannot change or cancel the adviser charge.

10. I confirm that any adviser charge paid on my behalf by L&G on the initial set-up of this plan:

  • is wholly connected to the purchase of this Fixed Term Retirement Plan; and
  • is appropriate to the advice and services my adviser provided me in relation to this Fixed Term Retirement Plan purchase.

If this is not the case, then some or all of the adviser charge and any tax-free cash sum may become liable to a tax charge, which I may be responsible for.

11. I confirm that I have provided only true and accurate information in applying for this transfer. I understand that L&G and my current provider cannot accept responsibility, and are not liable, for any losses resulting from untrue, incorrect or misleading information that I provide, or from any failure on my part to comply with any aspect of this application.

12. Where I have chosen to take tax-free cash, I have not made, and do not intend to make, either directly, indirectly or by someone making contributions on my behalf, a significant increase in my total contributions to any registered pension scheme.

A significant increase is where the total tax-free cash you receive in the 12-month period ending on the day the tax-free cash from this plan is paid exceeds £7,500, and more than 30% of the total tax-free cash is used to make contributions to one or more registered pension schemes which exceed the expected level of contributions. This includes any contributions you pay directly or indirectly, paid by someone on your behalf such as your employer, or which you may have paid in anticipation of receiving the tax-free cash.

13. I understand that the banking of the transfer payment by L&G does not constitute acceptance by L&G of the transfer payment. The transfer payment will only be accepted once L&G has received all the necessary information from the trustees or administrator of my previous scheme.

14. I have read guidance from the Financial Conduct Authority or the Pensions Regulator on the risks and warning signs of pension scams before making this application.

15. I understand that the first flexi-access payment I receive from my Fixed Term Retirement Plan will trigger the Money Purchase Annual Allowance (MPAA) if I’m not already subject to it.

16. If I have been contracted out under my current plan/arrangement(s), then I agree to L&G calculating the part of the transfer payment to be treated as relating to contracted-out benefits, if this information is not provided.

Cancellation rights

My client understands they have 30 days from the date they receive our confirmation their policy has started to change their mind. Please refer to the Key Features document for further information.

Marketing consent

Here at L&G we take privacy seriously; this is why we never share your client’s personal details with anyone else for their own marketing purposes. However, from time to time we would like to contact your client with news, useful information and exclusive offers on our products and services.

If your client would like to be kept up to date, please let us know how they would like to hear from us:

 

To my current provider(s) and L&G

1. I apply to become a member of the L&G Retirement Pension Scheme (the 'Scheme').

2. I agree to be bound by the Rules of the Scheme and the terms and conditions of the Cash-Out Retirement Plan.

3. I confirm that I have been provided with copies of the Terms and Conditions and Key Features Document for the Cash-Out Retirement Plan.

4. I authorise L&G, my current provider and any financial adviser/intermediary named in this application to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to L&G.

5. I accept that in order to comply with regulatory obligations, L&G and my current provider(s) named in this application may need to verify my identity and residential address and may use credit reference agency searches and ask for my documents to verify my identity and address.

6. I agree that my chosen quote and the information contained in this application, will be used to determine the benefits to be paid and if any of the information is found to be incorrect my benefits may be adjusted accordingly.

7. I authorise and instruct my current provider to transfer the sums and assets from the plan/ arrangement(s) I have detailed directly to the L&G Retirement Pension Scheme, and to provide any instruction and/ or discharge required by any relevant third party to do so.  

Until this application is accepted and complete, L&G's responsibility is limited to the return of the total payment(s) to my current provider(s).

When payment is made to L&G as instructed, this means I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in this application where the whole of the plan(s) is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.

8. I confirm that I have not received financial advice from L&G about purchasing my Cash-Out Retirement Plan.

9. If I’ve asked L&G to arrange payment of an adviser charge, details of this charge will be shown in my quote. By signing this form, I instruct L&G to:

  • deduct that adviser charge in accordance with my quote; and
  • pay it to my financial adviser’s firm as shown in the quote or shown in the ‘Financial Adviser / Intermediary’ section of the application form.

Once the Cash-Out Retirement Plan has been set up and the cancellation period has expired, I cannot change or cancel the adviser charge.

10. I confirm that any adviser charge paid on my behalf by L&G on the initial set-up of this plan:

  • is wholly connected to the purchase of this Cash-Out Term Retirement Plan; and
  • is appropriate to the advice and services my adviser provided me in relation to this Cash-Out Retirement Plan purchase.

If this is not the case, then some or all of the adviser charge and any tax-free cash sum may become liable to a tax charge, which I may be responsible for.

11. I confirm that I have provided only true and accurate information in applying for this transfer. I understand that L&G and my current provider cannot accept responsibility, and are not liable, for any losses resulting from untrue, incorrect or misleading information that I provide, or from any failure on my part to comply with any aspect of this application.

12. Where I have chosen to take tax-free cash, I have not made, and do not intend to make, either directly, indirectly or by someone making contributions on my behalf, a significant increase in my total contributions to any registered pension scheme.

A significant increase is where the total tax-free cash you receive in the 12-month period ending on the day the tax-free cash from this plan is paid exceeds £7,500, and more than 30% of the total tax-free cash is used to make contributions to one or more registered pension schemes which exceed the expected level of contributions. This includes any contributions you pay directly or indirectly, paid by someone on your behalf such as your employer, or which you may have paid in anticipation of receiving the tax-free cash.

13. I understand that the banking of the transfer payment by L&G does not constitute acceptance by L&G of the transfer payment. The transfer payment will only be accepted once L&G has received all the necessary information from the trustees or administrator of my previous scheme.

14. I have read guidance from the Financial Conduct Authority or the Pensions Regulator on the risks and warning signs of pension scams before making this application.

15. I understand that the first flexi-access payment I receive from my Cash-Out Retirement Plan will trigger the Money Purchase Annual Allowance (MPAA) if I’m not already subject to it.

16. If I have been contracted out under my current plan/arrangement(s), then I agree to L&G calculating the part of the transfer payment to be treated as relating to contracted-out benefits, if this information is not provided.

Cancellation rights

My client understands they have 30 days from the date they receive our confirmation that their policy has started to change their mind. Please refer to the Key Features document for further information.

Marketing consent

Here at L&G we take privacy seriously; this is why we never share your client’s personal details with anyone else for their own marketing purposes. However, from time to time we would like to contact your client with news, useful information and exclusive offers on our products and services.

If your client would like to be kept up to date, please let us know how they would like to hear from us:

 

You may contact my client via:

If now or at any time in the future your client wishes to withdraw their consent (including any consent that may have previously been given on their behalf), they may contact us as directed in our privacy notice.

*for example; via our own systems such as My Account, social media platforms and third-party websites such as YouTube.

Data protection

Protecting your client's personal information is extremely important to us.

Please make sure your client has read our privacy notice.

If they are unable to access our privacy notice online, or if they would prefer a paper copy, please contact us.

By agreeing to this application form on behalf of your client they agree to the use of their personal information as set out in the privacy notice.

 

Client declaration

I confirm my client has read the Key Features document, the Terms and Conditions of the Fixed Term Retirement Plan and their quotation. 

By ticking the box below and submitting this application form to L&G, your client confirms the following: 

  1. All the information given in this application form is true and complete to the best of their knowledge.
  2. They have read and understood the Declaration and agree to its terms.
  3. They agree to be bound by the Terms and Conditions of the Fixed Term Retirement Plan. 
  4. They agree to the use of my information as set out in the privacy notice.

 

Client declaration

I confirm my client has read the Key Features document, the Terms and Conditions of the Cash-Out Retirement Plan and their quotation. 

By ticking the box below and submitting this application form to L&G, your client confirms the following: 

  1. All the information given in this application form is true and complete to the best of their knowledge.
  2. They have read and understood the Declaration and agree to its terms.
  3. They agree to be bound by the Terms and Conditions of the Cash-Out Retirement Plan. 
  4. They agree to the use of my information as set out in the privacy notice.

 

Client this field is required

Financial adviser/intermediary details

We finally need information about you in your capacity as an adviser. All sections required.

Did your client receive advice regarding the sale of this product? this field is required
Is this a transfer from a UK pension scheme? this field is required
Is the applicant applying on their own behalf and not as a nominee, trustee, or in a fiduciary capacity for another person? this field is required

DB to DC Transfers

Does this application relate to a Defined Benefit/Final Salary or GMP transfer into the L&G Retirement Pension Scheme for Immediate Vesting? this field is required
Is the value of the gross transfer value greater than £30,000? this field is requiredFor Defined Benefit/Final Salary or GMP transfers valued at greater than £30,000, it is a regulatory requirement for full advice or a personal recommendation to be given by a financial adviser with the required permissions.

Adviser details

If you don't know your agency number, please email agency.admin@landg.com or call 0370 9005 010.

Full name and title of financial intermediary

Adviser declaration

I confirm that by completing my details and ticking the box below:

  1. All the information given by me in this application form is true and complete to the best of my knowledge.
  2. As the agent submitting this application, if the product is a transfer to the L&G Retirement Pension Scheme, I instruct L&G to record this pension transfer under my firm's agency details as stated on this application.
  3. I will contact the originating scheme to notify them that the fund is going to buy an annuity with us. This also applies if the fund to buy the annuity originates from a L&G plan. You will need to contact the appropriate claims area.
Adviser this field is required
Do you want a copy of the application sent to you via email? this field is requiredWe will send this to you within five working days once the application has been inputted onto our systems.
If you need to send any additional documents then you can upload it here. The maximum file size needs to under 20mb and needs to be one of these file types; pdf, xlsx, docx, xls, doc, ppt, pptx, jpg, jpeg, jpe, gif, png.
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