Retirement Annuity Plan
Your Retirement Annuity Plan, also known as a Retirement Annuity Contract or a Section 226 Policy, is a pension that was set up before 1 July 1988.
You can still top up your plan however - and with average life expectancy increasing, this is a great way to help build up a larger fund for when you retire. Read about the benefits of topping up.
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Although there are some differences compared to today's personal pensions, Retirement Annuity Plans essentially have similar benefits.
- Tax-efficient saving* - a Retirement Annuity Plan qualifies for tax relief, just like other pension plans, and you can take a tax-free cash lump sum on retirement. Read more about the tax benefits. Note that pensions in payment are taxed as earned income.
- Flexibility - make regular monthly or yearly payments, or a single payment. Note that any changes to your contributions will impact on your benefits at retirement.
- Funds - The funds actually available to you may depend on the particular policy you hold. Note that the value of your fund may fluctuate and you may not get back your original investment.
Review your Retirement Annuity Plan
To top up, make changes to your plan or for any questions:- Call us on 0846 640 3000 (Mon-Fri 8am-6pm)
- You can also send us a secure message online anytime
- For more general information, see our pension guide
*The above is based on our understanding, as of April 2011, of current taxation, legislation and HM Revenue & Customs practice, all of which are liable to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.
