Call on

0800 202 8121

or

CALL ME BACK

Pension Income Plus Annuity

Enjoy a guaranteed income – and the opportunity to grow your pension fund.

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

The LV= Pension Income Plus Annuity gives you the security of knowing you are guaranteed an income for as long as you live.

It also offers you the opportunity to increase your income by investing in the stock market. Because your income depends on how well these investments perform, your income could go down as well as up.

 
 
  • Continue to benefit from stockmarket investments after retirement*
  • Receive a guaranteed minimum income
  • Reduce the risk of inflation

* This type of annuity invests your pension fund in a range of assets, such as stocks and shares. The income you receive depends on how well these investments perform and your income can go down as well as up.

  • 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 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 reduce the potential growth from your investment in our with-profits fund, or increase the amount of tax you pay on the income we pay you.
  • Your future income could be less than the amounts shown in your personal quote. This is because your income depends on the investment returns of our with-profits fund, which could be negative, and how we choose to distribute them as declared investment returns.
  • If you choose a high starting income there is a greater risk that investment returns won’t be high enough to maintain your income level. However, we guarantee it won’t fall below the guaranteed minimum income shown in your policy schedule.
  • The amount of income you receive (over and above the guaranteed minimum income level) may change each year and can fall as well as rise.
  • Your personal circumstances may change. If this happens this annuity may no longer be suitable for you but you won’t be able to change it. However, you do have the option to convert this annuity to a non-profit annuity or change your Assumed Investment Return.
  • If you ask us to convert your annuity to a non-profit annuity or change your Assumed Investment Return we may offer you a lower level of income than you’re receiving from your Pension Income Plus Annuity, or we may decline your request.
  • Unless you choose a spouse’s income, a guaranteed payment period or value protection, your income will stop when you die. This may result in leaving inadequate provision for your dependants if you die before them.
  • As this is a with-profits investment this isn’t designed for customers who are expected to live less than ten years. These customers may be better off buying another type of annuity.
  • Inflation will reduce the real value of your annuity income if the investment returns we declare don’t keep up with inflation.
  • 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.

  • 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.