Lifetime Annuities & Scheme Pension

A guaranteed income for life

The CanRetire Lifetime Annuity and Scheme Pension will provide a guaranteed income for the rest of your client’s life.

These annuities can be purchased from savings accrued within a UK registered pension arrangement. The minimum purchase price is £10,000 after any Pension Commencement Lump Sum and adviser charge is paid.

The Lifetime Annuity /Scheme pension is available for clients aged 55 or over and up to age 90. If a scheme pension is requested the benefits payable must comply with the transferring scheme rules.

Income can be shaped to meet your client’s needs and a range of death benefits are available.

Depending on your client’s health / lifestyle they may qualify for an enhanced annuity.

  • A guaranteed income for life
  • Escalating income options
  • Flexible payment periods
  • The option to include a second annuitant (no longer restricted to a financial dependant)
  • Annuity protection (payable up to age 75)
  • A guarantee period from 1 month to 30 years

The Lifetime Annuity may be suitable for your client if:

  • They are aged 55 or above
  • They have pension savings that they want to crystallise equal to at least £10,000 after deduction of any tax-free cash
  • They need to generate a guaranteed lifetime income
  • They want their spouse/partner or other beneficiary to receive an income and/or lump sum after their death

The Lifetime Annuity will not be appropriate for your client if:

  • They have less than £10,000 to invest after taking their tax-free cash
  • They want to invest their money in funds to generate capital growth, an income stream or a combination of the two
  • They want to make regular or one off contributions
  • They want to withdraw all of their funds in one go.

The value of investments can fall as well as rise.

Once the annuity policy is in force the terms cannot be changed.

Clients have 30 days from policy issue to change their mind. Income is subject to income tax unless it is as a result of continuing payments under a guarantee period where the main annuitant has died before the age of 75 in which case the income is tax free. Lifetime annuities are covered under the Financial Services Compensation Scheme at 100% of the value of the claim.

5 star Life and Pension Financial Adviser Service Award  ILP Moneyfacts Annuity Service Award 2016 ILP Moneyfacts Service Award 2016

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This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.