Our fixed term plans

Yes they are the same thing. They both are designed to provide a guaranteed income with an optional lump at the end. The reason why these plans are not called 'fixed term annuities' is because they're written under flexi-access drawdown rules, which allows some flexibility in how they can be used.

Guidance helps you to identify and narrow down your choices in an impartial way. It won’t tell you what’s right for you but will explain your options and provide information so that you can choose what you want to do.

Advice considers your personal and financial circumstances and recommends specific products or actions to be taken that helps you achieve your goals. Your first conversation with an adviser will probably be free. But it’s important to check and confirm that, and also understand when and how you will start paying for any advice.

From 1 June 2022, the Financial Conduct Authority now requires pensions providers to refer customers to Pension Wise guidance and explain the nature and purpose of this guidance, when they decide to access their pension savings.

Pension Wise from MoneyHelper is a free and impartial Government pension guidance service.

Your decision about which options to choose is likely to be influenced by many factors, such as how much income or cash you need now and in the future. You should also consider your personal circumstances and the impact that your choices may have on taxation, State Benefits, Annual Allowances and any dependants.

You can either buy this directly through us or through a financial adviser. We recommend always shopping around and getting guidance or advice when you’re buying one. That’s because once you’ve bought it, you usually won’t be able to make any changes to it. So it’s very important to be sure that you’re making the right choices for you.

Different providers offer a range of different fixed term retirement income products and product options. In general, key decisions will probably include how long your product runs for, whether your payments increase over time, whether or not you get a lump sum payment when your product ends and what happens to your product if you die before its term ends.

The income from our Cash-Out Retirement Plan will stop once the final payment is made. For our Fixed Term Retirement Plan, you will need to decide what to do with your lump sum.

That depends on what the markets are doing and what a particular provider is offering. The best way to find out is to shop around for the best rate, which we always recommend doing.

That depends on your financial goals and circumstances. If you want the security of guaranteed payments for a period of your choosing, this kind of product could be a good choice for you.

Once you’ve bought this kind of product, you usually can’t make any changes to it. Any income from it will be taxable and could effect your eligibility for any state benefits you’re getting. If inflation is high, you might find that your regular payments are worth less in real terms. And once your product ends, that’s it. You’ll need to make plans to replace any income from it.

You can usually only buy this kind of product when you’re aged between 55 and 85. If you can buy one, your personal goals and financial circumstances will be more important than your age.