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Fixed term income plans

Get a guaranteed income that's paid regularly for a fixed period of time.

What is a Fixed Term Income Plan?

A Fixed Term Income Plan is a retirement product that pays a guaranteed income for a set period of time. If you’re looking for a guaranteed income but don’t want to make a lifelong commitment with your pension savings, then a Fixed Term Income Plan could be for you.

We offer two types of Fixed Term Income Plans:

  • Cash-Out Retirement Plan
  • Fixed Term Retirement Plan

It can have a specifed term for anything from 3 to 25 years. While it’s running it’ll make guaranteed regular payments to you, and you can choose to receive a lump sum at the end of it. Or you can decide not to take an income, and just receive the lump sum at the end. 

Why get a quote with Legal & General?

Compare product and options

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Flexible and convenient

Capabilty to quote and apply on any device in only around 15 minutes.   

Trusted annuity provider

UK families have been trusting Legal & General to look after their finances for over 185 years. When shopping around for an annuity one in every three people choose us.

Fixed term income plan options

Cash-out retirement plan

Give you a guaranteed income for a set period

Our Cash-Out Retirement Plan lets you use your pension pot to get regular income payments for between 3 and 25 years. It may be a tax-efficient way to withdraw your whole pension pot, rather than taking it all in one go or it may be a  'bridge' to see you through to a future date, when you're expecting another source of income to begin.

Fixed term retirement plan

Regular income, ending with a lump sum.

Our Fixed Term Retirement Plan, like an annuity, lets you use your pension pot to buy a guaranteed income, but for between 3 and 25 years, with a lump sum at the end.

This product may be for you if you want guaranteed income for now and the ability, after the plan ends, to make new choices.

Eligibility

We can give you an online quote if...

  • You have a Defined Contribution pension pot. If you have a Defined Benefit Pension you need to get advice from a financial adviser first.
  • Your pot is at least £5,000 (for a Pension Annuity) or at least £10,000 (for a Fixed Term or Cash-Out Retirement Plan).
  • You're aged between 54 years 9 months and 84 years 9 months.

Always compare what we can offer with what's available from other providers, as they may have more appropriate products or be able to offer a higher retirement income.

We can't give you an online quote if...

  • Your pension provider offers a Guaranteed Annuity Rate, a Guaranteed Minimum Pension, or any other guaranteed or valuable benefits. You may lose these by moving your pension pot from them.
  • You have an overseas address.
  • You would prefer to receive your quotes by email or post, instead of online or by telephone.

If any of these apply to you, our UK based Customer Services Team will be pleased to give you a quote over the phone.

Call us on 0800 048 2446. Monday to Friday 9am to 5pm. We may record and monitor calls.

Quote and apply for a Fixed Term Income Plan

We aim to make this process simple, clear and jargon free.

Online quote

If you know what you want and have your paperwork to hand, it only takes about 15 minutes to get an online quote.

Our online quote journey has been designed to be used on a larger screen size, such as a laptop or desktop, for the best experience. 

Call for a quote

Our UK based Customer Services Team will be pleased to give you a quote over the phone.  

0800 048 2446

Lines open Monday to Friday 9am to 5pm.
We may record and monitor calls.

Need expert advice?

If you're considering an annuity, our Retirement Advice Service can help you make the right decision. We'll help you understand your choices and recommend the best products for your retirement needs.

Find out how advice can help you achieve your ideal retirement.

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Common Fixed Term Income Plan questions

Your plan has a guaranteed minimum payment period that runs until your plan end date. This ensures that your income payments will be made until your plan ends, even if you die before that date.

The person we pay in the event of your death is known as your beneficiary. You can nominate a beneficiary to let us know who you would like to receive any money due. You can change your nominated beneficiary at any time.

Your beneficiary will have the option to take any remaining income due as a lump sum. We’ll calculate this in the same way that we calculate a cash-in or transfer value. The lump sum value will always be less than the total amount due in income payments.

We’ll pay your income directly into your bank or building society account. We won’t make any payments by cheque.

Because your payments are treated as earned income, they’ll be taxed. The amount of tax you pay will depend on your individual circumstances and may be subject to change in the future. 

Each year we’ll send you a P60 confirming the total amount of income we’ve paid you and the tax we’ve deducted.

Once you’ve received your plan number you’ll be able to register for My Account.

My Account allows you to manage your plan quickly and easily online.

  • View your plan
  • Update your address and personal details
  • Find answers to frequently asked questions.

Next steps

Now that you’ve learnt more about our Fixed Term Income Plans, why not look at other products available as part of your shopping around. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

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Need some help?

Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy:

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Retirement guidance

Pension Wise from MoneyHelper

The government’s free and impartial service, offering guidance to make money and pension choices clearer for over 50s.

To find out more or book an appointment online click below or call.

0800 011 3797

Monday to Friday 9am to 5pm.
Calls may be recorded and monitored.

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Retirement advice

Retirement Advice Service from Legal & General

Our advisers are experts in retirement regulated by the Financial Conduct Authority, so you can trust them to provide impartial advice and a personal recommendation that’s right for you.

0808 304 9155

Monday to Friday 9am and 5pm.
Calls may be monitored and recorded.

Speak with us

Speak with us

Our colleagues in Cardiff are always happy to answer your questions.

0800 048 2446

Monday to Friday 9am to 5pm.
Calls may be monitored and recorded.