Please note the M&G funds are priced as at 06/12/18 and will be updated on the 11/12/18 due to no price being issued.
We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.
Please be aware the Canada Life International offices will be closed from 9am Monday 24th December, re-opening at 9am on Thursday 27th December. Then closing from 9am on Monday 31st December and re-opening at 9am on Wednesday 2nd January 2019.

Fixed Term Income Plan

Keeping your options open when planning your retirement

If a guaranteed lifetime income is a commitment you are not yet ready to make but you need guaranteed benefits now, The CanRetire Fixed Term Income Plan (FTIP) may be a suitable solution. FTIP allows you take your tax free cash up front and use the remaining funds to purchase either a guaranteed income, a guaranteed lump sum, known as a guaranteed maturity value (GMV) or both over a specified term.

Your professional adviser can help you choose the most suitable option.

  • Access all your tax-free cash entitlement at the start
  • Choose to invest your pension savings to provide income, a GMV or a combination of the two.
  • Choose the level of income you want to receive at the outset of the plan
  • Choose a suitable term (between 1-20 years)
  • Choose to have a Guaranteed Maturity Value (GMV) paid to you at the end of the term.
  • Reassess your options at the end of the plan term.

FTIP does not pay an income for life and where a GMV is selected this may not be enough to provide you with the same level of income or provide sufficient funds to purchase another FTIP. 

The FTIP lets you access your tax-free cash while giving you a level of certainty knowing from the start the benefits selected are guaranteed for the duration of the selected term. You can choose to have a level income or fixed escalation between 0.1% and 10%.  You can also choose to have your income paid monthly, quarterly, half-yearly or annually.

The FTIP can also provide a death benefit in the form of a lump sum or beneficiary’s flexi-access drawdown.

The FTIP may be suitable, if you are aged 55 or over, with at least £10,000 to invest and you are looking for guaranteed income and or a GMV, without locking into an annuity for life.  

Alan: "I just want a secure income for a few years before I reassess my options when my state pension is available"
Taking tax-free cash from your pot now and investing in the Fixed Term Income Plan

Janet: "I just want to take my whole pension now without paying too much tax"
Taking your whole pension fund as a series of income payments

John: “I just need a fixed term income for a few years”
Taking your tax-free cash, and a fixed term income

Sandra: "I need a guaranteed income, but not for life"
Taking your tax-free cash and a fixed term income

Interested in More? Why not Look At...

Lifetime Annuities & Scheme Pension

A guaranteed income for life


CanRetire Flexible Drawdown Plan

Prepare for retirement, with flexible access to your savings.


"Janet plans to use her tax free cash to buy a new car and would like to use the rest of the pot to help her youngest daughter through university."
Find an adviser

Contact us to find out more

United Kingdom
0345 606 0708

01624 820200

United Kingdom

International (Isle of Man)

International (Dublin)

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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.