Our Fixed Term Retirement Plan

• Secure and guaranteed income
  A guaranteed, regular income you can plan around, with confidence.
  Payment options. Your payments can be made monthly, quarterly, half-yearly or yearly and either at the start (in advance) or at the end (in arrears) of the payment period.
• Payment options
  Your payments can be made monthly, quarterly, half-yearly or yearly and either at the start (in advance) or at the end (in arrears) of the payment period.
• A fixed or increasing income
  You can choose a fixed income that always stays the same or set your income to increase each year by anything up to and including 10%.
• Gives you control
  You can set the plan length, the regular income amount and the lump sum ‘maturity’ value.
• Creates options later in retirement
  At the end, you can use the lump sum as you see fit. If your health was to deteriorate by the end of the plan you may be able to buy an annuity at a better rate.
• 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.
• Withdrawal from the lump sum
  You can choose to make up to three withdrawals at any time during the term of the plan, subject to a minimum withdrawal of £5,000 each time. More details on withdrawals and the Guaranteed Minimum Payment Period are in the Key Features document.

Full details on these features are in the Key Features

• Am I eligible?
  You must be aged between 55 and 85 and have at least £10,000 left in a pension pot to buy one after you’ve taken your tax-free cash.

• I want some flexibility later
  If you'd like a guaranteed income but also want to give 'future you' some options, this may be for you. You’ll be able to decide what you want to do with the lump sum when the plan ends.

• We're both fit and healthy
  This product doesn't take your health or lifestyle into account when working out your income. If you or your partner have any health or lifestyle risks now, you could get a higher income from a Pension Annuity or other products that assess your health. If you choose the Fixed Term Retirement Plan, though, you can still get an annuity in the future with the lump sum you get when the plan ends.

• I want security from risks
  Your income is guaranteed and is not affected by the performance of investment markets.

• Tax-free cash
  You can 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.

• Higher income means a smaller lump sum
  Choosing a higher income will reduce the lump sum, similarly if you choose a lower income, you could get a higher lump sum. You can also choose not to take an income at all and just get your lump sum at the end.

• 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. 

• When it's gone, it's gone
  Once the plan ends you won't have this regular income any more. It’s important to consider if you will have another source of income to replace it.

• Health risks not recognised
  If you or your partner has a health or lifestyle risk, a Pension Annuity, or products that take your health into account, may offer a higher income.

• Mind out for inflation
  Your lump sum amount is fixed at the beginning. This means, with inflation, it may not buy as much in the future. Even with modest inflation, 20 years may halve the power of a £1 - will your lump sum be enough?

When you purchase our Fixed Term Retirement Plan, we aim to make the process simple, clear and jargon free. It can take as little as 15 minutes to get a personalised quote with us. You can save your quotes and come back later once you've shopped around. You can also complete your application online.

Here’s a summary of the process you’ll follow if you quote and apply online.

• Pension Wise free guidance appointment
  Pension Wise is a government service from MoneyHelper that offers free impartial pension guidance. Available if you're 50 or over, you should consider having a free Pension Wise appointment, before you decide how to access your pension.
• Before you start
  We’ll run through some questions and considerations to make sure you’re ready to get a quote online.
• About you and your pension pot
  We’ll ask some details about you and about any pensions you’d like to use to get a quote.
• Choosing a guaranteed income product
  As well as getting a quote for our Fixed Term Retirement Plan, you can also quote for our Pension Annuity and Cash-Out Retirement Plan. You’ll be able to get multiple quotes on different products to see how the different options affect your level of income.
• Get multiple quotes
  You'll be able to select different options to see what income you could get and create multiple quotes to compare what these look like. Unless we tell you otherwise, the quote you choose is guaranteed for 40 days.
• Shop around
  It's important to shop around and get as much guidance and advice as you need before you make any decisions.
• Buying an Fixed Term Retirement Plan
  When you’re ready you can apply online for the product using the guaranteed quote you saved previously.