Our retirement income application process
We’ve outlined the key stages in our retirement income application process so that you know what to expect at every stage, from the application being received through to the first payment being made.
If you’re entirely new to us or looking to generate a quote, visit our annuities portal access for support.
Depending on the payment options selected by your client, payment will be made in advance or in arrears:
Advance: The first payment will be received within 10 working days of authorisation.
Arrears: Depending monthly or yearly frequency has been selected, the first payment will be on date the funds are received. For example, if funds are received on the 14 of the month and ‘monthly in arrears’ is selected, the first payment will be made on the 14 of the following month.
Tax-free cash for Pension Annuity: If your client has chosen open market option your client will receive their tax-free cash as soon as the pension provider has released the funds. If they have chosen immediate vesting, then your client's tax-free cash will be paid within 10 working days of authorisation.
Tax-free cash for Fixed Term Retirement Plan and Cash-Out Retirement Plan: Your client's tax-free cash will be paid within 10 working days of authorisation.