
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?
Fixed term income plan options
Eligibility
We can give you an online quote if...
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...
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.
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.
Fixed term annuity articles

What are fixed term annuities?
A fixed term annuity pays a guaranteed retirement income for a specific period of time. We help you understand whether a fixed annuity is right for you.
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:

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.

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
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.