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.

 

  1. 1

    Application received

    You will receive a welcome email from us to confirm that we’ve received your client’s application, we'll let you know if you need to supply any further information to support the application.

    At this stage, we’ll start to request funds from your client’s pension provider.

  2. 2

    Funds received

    It usually takes up to 10 working days to receive the funds from your client's pension provider. We’ll get in touch with your client’s pension provider after 10 working days if the funds haven't been received.

  3. 3

    Final quote

    Once we have received the funds from your client's pension provider, we'll take five working days to process the final quote for your client’s retirement income policy.

    It will be sent to you via the email that was provided on the application form. We can send the quote by post if you prefer.

    We'll authorise

    We’ll auto authorise the final quote straight away if our annuity rates haven’t changed. If there has been a change to our annuity rates, then we’ll send the updated quote via email.

    If your client is happy with the quote, you can confirm acceptance by replying to our email or by telephone. Within three working days we'll authorise the policy and arrange for the first payment to be made.

  4. 4

    First payment

    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.