- Move into the fast lane with L&G Apply, our new digital annuity application system

No one can predict the future, but you can help your clients plan for it.
Modern day retirement is changing. Instead of the traditional ‘once and done’ approach, flexible and tailored retirement plans can help meet the many different needs of those retiring today.
Giving the security of a regular guaranteed income and the peace of mind that clients don’t need to worry about investment performance and the impact this could have on their pension savings, a Fixed Term Annuity can provide clients with an alternative to flexi-access drawdown.
With our Fixed Term Retirement plan, clients who have chosen a guaranteed minimum payment period for the full term can take up to three withdrawals from their maturity value. This could help with an unexpected life event, for example emergency house repairs or medical expenses.
What is a fixed term annuity (FTA)?
Our two fixed term annuity (FTA) plans, Fixed Term Retirement Plan and Cash-Out Retirement Plan, can provide a guaranteed income for a chosen period of time offering some security, control and a flexible approach to retirement planning for you and your clients.
Fixed Term Annuities can be considered as an alternative to flexi-access drawdown.
Reasons to recommend
Key documents
Fixed Term Retirement Plan
Cash-Out Retirement Plan
Product details
For full details, see key documents for the Policy Summary and Policy Terms & Conditions
Fixed Term Retirement Plan | Cash-Out Retirement Plan | |
---|---|---|
Age | 55+ | 55+ |
Term | 3 to 40 years | 3 to 40 years |
Minimum investment | £10,000 | £10,000 |
Maturity value | (can choose to not take regular income) | |
Maximum investment | ||
Spouse/Dependant benefit | ||
Option to choose an increasing income in line with Retail Prices Index (RPI)1 | ||
Maturity value | ||
Maturity value | ||
Maturity value | Monthly, quarterly, half yearly and yearly | Monthly, quarterly, half yearly and yearly |
Maturity value |
1RPI is the index of the average change in the prices of goods and services in the UK. Your client can choose to have the increase capped at 5%, referred to as the Limited Price Index (LPI). If they choose an income that increases over time, the income we’ll pay them to begin with will be lower than if they'd chosen a level income.
For our Fixed Term Retirement Plan
Once the term of your client's plan comes to an end and we've paid your client the maturity value, set at outset, your client will receive no more income from us.
The plan does not pay 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.
For our Cash-Out Retirement Plan
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 income for life.
Case studies

Oliver and Wendy case study
Bridging the income gap with a Fixed Term Retirement Plan.

Dipesh and Sonal's case study
Peace of mind by paying off the mortgage with a Cash-Out Retirement Plan.
Tools and apply
L&G Apply
Move into the fast lane with L&G Apply, our new digital annuity application system that allows you to save up to 14 days per application journey, work on applications on the go and avoid the need for wet signatures.
Online application forms
You can now apply online for our Pension Annuity and fixed term annuities products.
Quoting and portals
Find out how to quote for our annuity products, how portals can support your business and what further training is available with us.
Track My Apps
Our unique and simple online tool that will help you follow the progress of your new business Pension Annuity and fixed term annuity applications from start to finish.