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 to help you pay for your retirement - read more about the benefits of topping up.
To top up, read your plan literature and call us on 0846 640 3000 (Monday to Friday 8am to 6pm). We will help answer any queries if you don't have your plan literature to hand.
Features of a Retirement Annuity Plan
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.
- 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
- Please read your plan literature.
- To top up, make any changes, or find out more about your plan call 0846 640 3000 (Monday-Friday 8am-6pm)
- Send us a secure email.
*The above is based on our understanding, as at 6 April 2009, 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.
