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Pension Annuity
Allows your clients to plan their future knowing what their income will be each year
Your client can tailor the income to meet their needs, so they'll know exactly what they'll be receiving and when. Options could include;
- Your client may receive a higher income, also known as an enhanced income, if they have certain health or lifestyle conditions, such as smoking or being overweight.
- An option to have income which increases annually to protect against inflation.
- A range of death benefits to provide income for dependants in the event of your client's death.
- Clients can choose payment frequency to be monthly, quarterly, half yearly or yearly; in advance or in arrears.
Our recent study with the world-leading Happiness Research Institute, an independent Danish think tank found a direct connection between financial security and wellbeing in retirement, and annuities and happiness.
So, when you help your clients choose a guaranteed income, you’re setting them up for success and most importantly, happiness.
What is a pension annuity?
Our Pension Annuity is a lifetime annuity which pays your client a regular income, guaranteed for the rest of their life so is a dependable solution for clients seeking a guaranteed income for life. If your client has a qualifying health or lifestyle issue, they could be eligible for an enhanced annuity rate.
Reasons to recommend
Key documents
Product
Sales aids
Compare our annuity products
Our annuity products may appear similar, but it's important to understand the differences between each product. We've pulled out some of the key points below.
Pension Annuity | Fixed Term Retirement Plan | Cash-Out Retirement Plan | ||
|---|---|---|---|---|
Age | 55+ | 55+ | 55+ | |
Minimum investment | £5,000 | £10,000 | £10,000 | |
Maximum investment | £1,000,000. If over that amount, it will be passed to our underwriting team | Unlimited - but additional checks to be carried out on large amounts | Unlimited - but additional checks to be carried out on large amounts | |
Source of funds | Pension savings | Pension savings | Pension savings | |
Term | Life | 3 to 40 years | 3 to 40 years | |
Guaranteed Minimum Payment Period | 1 to 30 years | 0 to 40 years | 0 to 40 years | |
Value Protection | ||||
Spouse/Dependant benefit | ||||
Maturity value | ||||
Option to choose an increasing income in line with Retail Prices Index (RPI)1 | ||||
Underwritten | ||||
1RPI is the index of the average change in the prices of goods and services in the UK. For our Pension Annuity and fixed term annuities, 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. | ||||
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Case studies
Susan case study
Keeping future options open with blended options of a Fixed Term Retirement Plan and Pension Annuity.
See more case studies
Our case studies bring to life how different solutions can help your clients. Find out more about how case studies can help your conversation with your clients.
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.