Retirement Annuity Plan

Your Retirement Annuity Plan is also known as a Retirement Annuity Contract or a Section 226 Policy.

Read about the features of your 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. Be aware that pensions in payment are taxed as earned income.
  • Flexibility - make regular monthly or yearly payments, or a single payment. Please be aware that any changes to your contributions will impact on your benefits at retirement.
  • Funds available - Your pension contributions can be invested in a choice of funds. The funds you can choose from may vary depending on what funds are actually available at the time and the funds available will depend on your individual terms and conditions.

The value of your investment can go down as well as up so you might get back less than you put in.

If you’re thinking of making any changes to, or paying more money into your plan we think it’s really important that you speak to a financial adviser. An adviser can help you understand if making changes to your plan is right for you and fits with your aims and circumstances, which might have changed since you first took your plan out. Using an adviser means they are responsible for the advice they give you and you will have protection from the Financial Ombudsman Service.

Regardless of whether you have taken advice, you can refer any matter to the Financial Ombudsman Service for consideration should you feel that you haven’t been treated fairly, or for any other aspect under the Financial Ombudsman.

Review your Retirement Annuity Plan

By accessing our secure online portal, you may be able to manage your enquiry yourself or you can send us a secure email to deal with your product query.

Through our online services you can check the value of your policy, change personal details, view key documents online and send us secure messages.

If you've not yet registered for our online services, registration only takes a few minutes, remember to have your policy number to hand - Register now.

You can also call us on 0345 640 3000 (Mon-Fri 8am-6pm). We might record your call for training and quality purposes. To find out more about how we use your personal data please see our Data Privacy Notice.

*This is based on current taxation, legislation and HM Revenue & Customs practice which can change in the future. The impact of taxation (and any tax relief) depends on individual circumstances.