Call on

0800 202 8121

or

CALL ME BACK

Protected Retirement Plan

A fixed income in retirement that you purchase with your pension fund with a guaranteed lump sum at the end of the term.

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

If you don’t want to use your pension fund to buy an annuity immediately on retirement you could consider investing in our Protected Retirement Plan.

This product provides you with a fixed income for a specified period. At the end of that time, if you're still alive, a guaranteed lump sum will be paid.

At the start of the plan you can choose an income for a specified period as well as a choice of death benefits. A guaranteed maturity value, which is a lump sum payment, will be paid at the end of the chosen length of the plan. The maturity value must be used to purchase an annuity with LV= or another provider. Alternatively, it may be possible to use the fund to invest in another Protected Retirement Plan

 
 
  • Receive a fixed income without having to commit to an annuity for the rest of your life
  • Benefit from potential changes in annuity rates
  • Although we guarantee the amount payable at the maturity date, we can’t guarantee what income this will provide. This depends on the economic and investment conditions at that time.
  • We also can’t guarantee that the amount payable at the maturity date will be enough to buy you or your dependant an annuity.
  • Your personal circumstances may change (financial, health or otherwise). If they do change, this plan may no longer be suitable for you. And you won’t be able to change the plan unless you meet certain criteria.
  • Unless you choose otherwise, your income will stop if you die before the end of the plan. We also won’t pay out any maturity value. This may result in an inadequate provision for your dependants if you die before them.
  • The maturity value from this plan may be less than if your pension fund was invested in a drawdown pension plan where you choose where to invest your pension fund.
  • If you choose a level income, or an income that increases each year by less than inflation, your income may not keep up with rising prices.
  • Any future income from this plan may have to be restricted at an income review date if the new income level is more than what is allowed by law.
  • You have until 30 days from your first personal quote to change your mind. Once this 30 days is up you can’t change your mind.
  • Once your plan starts you can’t usually change it and you can't cash it in at any time.

  • Eligibility

    To take out our Protected Retirement Plan you must be aged 55 or over and you can choose a term between 3 and 25 years. The minimum investment is £10,000 (after any  tax-free cash has been taken).

  • Annual Increase

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

    • A level income 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 that your income will be paid 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 fund 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 plan, but it allows you to be sure that you’ll receive good value from your plan.

  • 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 until the end of the plan or until they die, whichever happens first.

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.