Cash-Out Retirement Plan

A guaranteed, regular income you can plan around with confidence.

Gives you control

You can choose the number of years you receive an income for and the amount, to suit your specific needs

Payment options

We can pay you  monthly, quarterly, half-yearly or yearly and either at the start (in advance) or at the end (in arrears) of  the month or year

Manage your tax exposure

In most circumstances, it offers a more tax efficient way to take cash from your pension pot rather than taking it all in one go.

Supporting your loved ones

If you should die during the term of the plan, we will continue to pay regular income payments to your beneficiary or estate until the end of the term of the plan.

Full details on these features are in the Key Features

You can usually take up to 25% of your pension pot as tax-free cash. If you don’t take the tax-free cash at the start of your plan, you can’t take it later.

Taxable income

Payments will be taxed as income, which could affect any benefits you claim. The amount of tax you pay on income from the plan will depend on your circumstances, and may change based on your income tax rate.

When it's gone, it's gone

If you don’t have another source of income later, this may not be for you.

Mind out for inflation

If you choose to get the same income every year, this means with inflation, it may not buy as much in the future.

With security comes less flexibility

You won't be able to change the amount you get, but if your circumstances change you may be able to cash it in or transfer it to another pension product.

No options later

Unlike a Fixed Term Retirement Plan, you won't have a lump sum at the end, to make new choices later in life. Your income stops at the end of the plan.

Health risks not recognised

If you or your dependant has a health or lifestyle risk, a Pension Annuity, or products that take your health into account, may offer a higher income.