The Retirement Account

Also worth knowing

• Am I eligible for The Retirement Account?

  You’ll need to be aged between 55 and 85 years old to open The Retirement Account. Unless you choose the pension drawdown or pension savings options, where there’s no maximum age limit.

  You’ll also need to invest at least £20,000 into your pension. This amount is after any tax-free cash has been paid to you and after any initial adviser fee has been paid.

• How will I know how my pension is performing?

  We’ll send you a yearly statement to show you how your pension is performing.

  By reviewing your plan regularly, you can make sure that it meets your changing needs. Your financial adviser can help you with this. 

• How can I take my money when I retire?

  When you reach 55, you can take your money as:

  • A flexible retirement income, taken directly from your pension
  • A number of lump sums
  • A tax-free lump sum (if an option)
  • A guaranteed income for life (annuity)
  • A combination of all of the above

• How can I find out about the performance of my pension funds?

  Our Fund Research Centre gives detailed information on all the funds available in The Retirement Account. Here, you can:

  • Evaluate past performance
  • Access fund factsheets
  • See daily unit prices

• Can I change my mind and cancel my policy?

  Yes, you can cancel your policy up to 30 days after you receive your Schedule of Benefits document.

  If you do decide to cancel your policy, you’ll need to return any money you’ve received, including any tax-free cash payments.

• What can I view on the Customer Dashboard?

  As part of our service, you can access the Retirement Account customer dashboard.  The dashboard gives you the ability to view your account valuation, fund choices, payments in and out and important documents, relating to your account.

  To gain access to the customer dashboard be sure to provide us with your email address at point of application.