Guaranteed Retirement Plan

Introducing, Canada Life’s Guaranteed Retirement Plan, a solution for clients who are looking for security and certainty. This simple transparent product promises to give you a known, guaranteed amount of income at a known date in the future.
So how does it work? A single premium is used to purchase a fixed amount of pension income which commences at a future selected date and is paid to you for the rest of your life. There are a range of options available to suit your circumstances at the point that you take your pension income. For example, a Pension Commencement Lump Sum (tax-free) can be taken.

Product summary

A single premium can be used to secure a guaranteed amount of income that is payable for life.
An annuity rate is known upfront providing you with certainty for your retirement planning.
No investment risk, so no worry about market falls.
Premiums qualify for pension tax relief at source for tax efficient saving.
A guarantee period of up to 10 years can be provided to protect your income payments following death, giving your dependants (spouse/civil partner) a level of security.
A Pension Commencement Lump Sum (tax-free cash) is available when benefits are taken.
Minimum age for purchase is over 45 and maximum age is under 70.
Benefits can be taken from age 55 up to age 75.
Minimum deferral period is 5 years and the maximum is 20 years.

Setting up your Guaranteed Retirement Plan
Your Guaranteed Retirement Plan is set up with a single premium. The minimum premium is £5,000. You can purchase top up benefits (min. £5,000). Contact your Financial Adviser for further information and an application pack.

Page last updated March 2010 ID3513