Flexible Lifetime Annuity

The Flexible Lifetime Annuity (our unit-linked annuity) offers a more flexible way of controlling your retirement income. Like other annuities, it still pays you an income for life, but lets you choose how much income you take and how your money is invested right up to age 90. You can also use it to provide for your dependants and beneficiaries.

It is available to people with pension funds of at least £75,000 (after any tax-free cash is taken) who may be willing to take a higher degree of risk with their retirement income.

Benefits of our Flexible Lifetime Annuity

• You have control of how your pension fund is invested across a range of investment funds.
• You can control the amount of income you take each year (within limits) until you reach 90. The income limits are reviewed every three years.
• You can help to provide financial security for dependants by choosing a joint-life annuity, or you can 'ringfence' some of your fund for dependants or your estate in case you die early.

Considerations

• The value of your investment may go down as well as up.
• Your income is linked to the performance of your chosen funds and isn't guaranteed. The amount of income you receive in future years could be lower than the amount you start with.
• The limits on the amount of income you could receive (your 'income limits') can go down as well as up after an income review. The value of the fund may be eroded, especially if investment returns are poor and a high level of income is taken, and this could result in a lower income in the future. When maximum withdrawals are taken high levels of income may not be sustainable.

Want to know more?

Our Flexible Lifetime Annuity is only available through financial advisers. If you'd like to get in touch with a financial adviser, you can find an adviser online. Note there may be a charge for financial advice.

If you'd like to read about our Flexible Lifetime Annuity in more detail, please refer to our brochure and key features literature.

For general guidance on converting your pension into an annuity, please see our guide to choosing your annuity where you'll also find answers to our most frequently asked questions.