Protected Retirement Plan:


Control over your client’s pension fund

Our Protected Retirement Plan gives your client flexibility over their pension fund. With a fixed term guaranteed income option, they have greater freedom over how and when they access their pension savings.

Key features

If you’re deciding on your client’s suitability, we’ve brought together the key information, helping you make an informed comparison:

Fixed Term Annuity
Minimum age at entry - customer55 (or at least 40 for early ill-health retirement or a protected retirement age).
Minimum age at entry - trustee40
Maximum age at maturity90
EligibilityWe can only accept funds from a UK registered pension scheme or QROPS and the Trustee version can only be held as an investment of a Self Invested Personal Pension.
TermUp to 25 years (minimum term applies).
Minimum purchase price£10,000 (the amount after tax-free cash is taken).

Applications over £500,000 are reviewed on an individual basis.
Guaranteed Maturity ValueWhen the plan is set up, we’ll calculate any Guaranteed Maturity Value at the end of the plan term. This is based on the purchase price, term of the plan and the options chosen.

The Guaranteed Maturity Value depends on:
  • The size of the pension fund invested in a plan.
  • The plan’s term.
  • The client’s age.
  • How much income they choose, if any, and when they choose it to be paid, for example, monthly.
  • The death benefit options they choose.
  • Investment markets at commencement.

This value is guaranteed at the start of the plan and isn’t subject to changes in investment conditions over the chosen term. If your client is exhausting all the funds through flexi-access drawdown over the term, then there won't be a Guaranteed Maturity Value.
Investment methodsA plan can only be bought with pension savings:
  • From a transfer of un-crystallised benefits from a registered pension scheme.
  • From a transfer of an existing drawdown pension fund.
  • As an investment within a SIPP wrapper.
IncomeYour clients can:
  • Choose to take a level income, an increasing income (up to 8.5% a year) or no income at all.
  • For capped drawdown, choose an income which (subject to GAD limits) will be guaranteed whilst they're alive for the plan term.
  • For Flexi-access drawdown, there is no maximum income limit as long as the selected amount is sustainable throughout the chosen term.
Income frequencyYour client can choose to receive their income:
  • Monthly.
  • Quarterly.
  • Half-Yearly.
  • Annually.

The first income payment can be paid either as soon as the plan starts (known as in advance) or at the end of the payment period (known as in arrears).
Value protectionThis lets your client protect all or part of the fund used to buy the annuity when they die.
Beneficiary's Pension (customer version)Allows up to 100% of the plan’s benefits to continue to be paid to the client’s beneficiary after they die.
Guarantee period (customer version)Income guarantees of 1-10 years or term of plan. Paid as continuing income if a beneficiary’s pension is payable. Otherwise paid as an undiscounted lump sum. This lets the customer protect the income payable on their plan for a selected period or the full term of the plan.
Plan protection (trustee version)100% of the plan’s income and Guaranteed Maturity Value (GMV). The income and GMV will continue to be paid for the rest of the plan term.
Adviser chargingInitial charge.
  • Option to transfer out at any time, using our conversion feature.
  • Member benefits.
Contact Phone

Let's talk

0800 032 8298

9am - 5pm Mon-Fri

TextDirect: first dial 18001. We will record or monitor calls for training and audit purposes.

Email [email protected] to book an introductory meeting. Please quote your FCA number and postcode.