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Level Lifetime Annuity

Level Lifetime Annuity - this product provides you with a non-increasing retirement income.

This annuity is only available to existing policyholders.

This is a level lifetime annuity, designed to exchange the value of your pension fund for a retirement income. It is designed to provide income payments monthly or yearly.

The policy can include any or all of the following options, which must be selected at the start of the policy. Your choice of options selected will affect the level of your retirement income:

  • a retirement income that continues to be paid to your spouse or partner after your death. The level of this continued income is set at 50% of your retirement income.
  • a retirement income that includes a 5 year guarantee period; if you die during this time then your retirement income will continue to be paid until the end of the period.

Choosing a Level Lifetime Annuity will depend on your attitude to risk and your personal circumstances.

Why choose the Level Lifetime Annuity?

  • Your payment will be higher to start with than an Invested Lifetime Annuity.
  • The income is guaranteed every year.
  • Your payment will never fall.

Why choose not to have a Level Lifetime Annuity?

  • It will not increase over time.
  • It does not give protection against inflation eating away at your income.

Why should I worry about inflation?

Inflation reduces the amount you can buy each year with the same amount of money. Money only buys about half of what it did 20 years ago.

Item Average price today Prices based on historic RPI
10 years ago 20 years ago
Bread £1.09 £0.84 £0.54
Pint of milk £0.38 £0.29 £0.19
Digestive biscuits £0.59 £0.45 £0.29
Council Tax £1,009 £777.39 £503.49
A tank of Petrol £47.41 £36.53 £23.66
Average electricity bill £814.38 £627.45 £406.38

This is not a full description of this product’s benefits and risks. To learn more about this product:
Adobe Acrobat Download our Key Features Document (109Kb)
Adobe Acrobat Download the Policy Provisions (76Kb)

If you are interested in this annuity we will send you a personalised illustration. To request an individual illustration, please contact us on 0800 073 1777.

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