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Enhanced Pension Annuity

Enjoy a guaranteed income for the rest of your life .

See how you can turn your pension into an income with a Pension Annuity

The LV= enhanced pension annuity can offer higher levels of income than most standard rate conventional annuities as some people are likely to have a lower than average life expectancy

 
 
  • Receive a guaranteed income for life
  • Get the best possible income based on your lifestyle and medical conditions
  • Wide range of payment options with guaranteed payments for the rest of your life
  • Protect part or all of your annuity fund after your death
  • Protect your income against inflation
  • You have 30 days after you receive your first personal quote to change your mind. Once this 30 days is up you can’t change your mind or transfer your annuity or pension fund to another provider.
  • This policy has no cash in value at any time. You can’t sell it or transfer it to someone else.
  • Changes to taxation rules may increase the amount of tax you pay on the income we pay you.
  • If you choose a level annuity, or an annuity that increases each year by less than inflation, your income may not keep up with rising prices.
  • Your personal circumstances may change (financial, health or otherwise). If this happens this annuity may no longer be suitable for you but you won’t be able to change it.
  • Unless you choose otherwise, your annuity benefits will stop when you die. This may result in leaving inadequate provision for your dependants if you die before them.
  • We may reduce your income if we find out that the information you gave us was incorrect, or you didn’t give us the full information we asked about your health and lifestyle. If we reduce your income we’ll recover any overpayments made.

  • Health and lifestyle

    You may be able to benefit from an enhanced or impaired life annuity , which pays a higher income if your lifestyle or your health could reduce your life expectancy.

    Even if you think you’re healthy, if you’re a smoker, overweight or taking any medication, it could boost your retirement income.

  • Annual Increase

    You can decide whether your annuity will pay a fixed income (which will decrease your purchasing power), or one that increases to protect you against inflation.

    • A level annuity may provide a very comfortable income today. But in ten or twenty years’ time inflation will reduce its value substantially.
    • Alternatively, you can select a fixed percentage increase – say for example 3% - which would provide a consistent annual increase year on year regardless of whether inflation is higher or lower

  • Payment frequency

    You can choose how often you want to receive your income: monthly, quarterly, half-yearly or yearly. You can also choose when the money goes into your bank account - at the start (in advance) or the end (in arrears) of each period.

    Being paid ‘yearly in arrears’ will give you the highest income, as this gives the insurance company more time to invest your funds. On the other hand, ‘yearly in advance’ will provide the lowest income.

  • Guarantee Period

    You can guarantee your annuity for a specific number of years. This means we'll continue to pay the income even if you die before the specified period is up.

    Selecting a guarantee period will provide a slightly lower level of income, but it guarantees that your estate continues to receive the income.

  • Value Protection

    Value protection is a way of protecting the value of your annuity in case you die earlier than expected. If you take this option any remaining funds will be returned to your beneficiaries as a lump sum, although it will be taxed at 55%.

    Selecting Value Protection will reduce the income you initially receive from your annuity, but it allows you to be sure that you’ll receive good value from your annuity.

  • Spouse’s pension (Joint Life)

    A Joint Life annuity will pay you an income for the rest of your life. It will then go on to pay an income to your spouse, civil partner, or a dependant for the rest of their life after you die.

We’ll take the hassle and worry out of choosing an income for your pension

  • You won’t have to fill in piles of forms and make loads of phone calls back and forth.
  • If you talk to one of our expert LV= annuity advisers, we’ll take care of everything. We’ll do all the paperwork and make all the calls.
  • We’ll give you a single, dedicated contact in case you ever need to ask us anything.

So all you’ll have to do is sign your name to get a better annuity.

It's a big decision!

Our advisers will talk you through the options.

They’ll help you choose the annuity that will fit your personal needs and enhance your retirement.

Call them on: 0800 202 8121

9.00am - 6.00pm Monday to Thursday

CALL ME BACK

For textphone dial 18001 first.
We may record and/or monitor your calls for training and audit purposes

We offer a range of the protection, pension, annuity and investment products from the Liverpool Victoria group of companies. We also offer annuities and investments from a limited number of other companies – you can ask for a list of these.