Important information

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Lifetime Annuities & Scheme Pension

A secure, regular income for life

Our lifetime annuity uses the money saved in your pension plan to give you a guaranteed, regular income for life. You can also choose to provide an income for your chosen beneficiary(ies), like a spouse or partner. Once you’ve set up your policy, you can’t normally revise or cancel it so we recommend that you seek professional advice before you apply.

If you have recently received a letter regarding tax code changes that may impact the tax you pay on your annuity income, you may need to contact HMRC to discuss your taxation position. You can do this by logging onto your online Personal Tax Account via www.gov.uk, calling the helpline on 0300 200 3300, or via post Sefton Area, HM Revenue & Customs PAYE, PO Box 1970 Liverpool, L75 1WX.

If you have any questions about this letter or need assistance in understanding any of the points raised, please contact retirementservicing@canadalife.co.uk 

Is the Lifetime Annuities & Scheme Pension right for you?

Receive a guaranteed income for life
Option for your income to increase over time
Choose from a range of death benefits
Access your tax-free cash

What are the risks?

Just so you're aware, we're unable to change the terms of your annuity policy once we've set it up. Your income will stop when you die unless you opt to include death benefits. Inflation will reduce the spending power of your income, especially if you haven't chosen a rising income. Tax rules depend on individual circumstances and may change. Other annuity providers may provide you with a better outcome.

This product may be right for you if:

  • You are aged 55 or over

  • You want to take benefits from your pension equal to at least £10,000 after you’ve taken tax-free cash

  • You need a guaranteed lifetime income

  • You want your loved ones to receive an income and/or lump sum after your death

This product will not be right for you if:

  • You have less than £10,000 of pension savings to invest after you’ve taken tax-free cash

  • You want to grow your pension savings and/or need flexible access to your money

  • You want to make personal contributions

  • You want to withdraw all of your funds immediately in one go

Frequently asked questions

Need an adviser?

Need an adviser? A financial adviser can help you get a tailored quote for our products. Read up on how to find an adviser and what to expect from the advice process.

Find a Financial Adviser

Useful tools

Pension Tax Calculator

Find out the amount and percentage rate of income tax you’ll need to pay on any pension funds you withdraw.

Learn more

Life Expectancy Calculator

Find out your average life expectancy, so that you can successfully plan for your future.

Learn more

Content approved: 20/05/2024