Income Choice Annuity
Income Choice Annuity offers your clients the potential for growth to help beat the impact of inflation and the security of knowing their income won't drop below a Secure Level.
Why Income Choice Annuity can make sense in the current economic climate
- Today's clients are faced with difficult circumstances
Many pension funds have fallen in value due to the recent market downturn so your clients may have less to buy an annuity with. And conventional annuity rates are currently at an all-time low. Clients with a fixed rate annuity retiring now could lock themselves into low annuity rates for life with no opportunity for income growth. - Your clients' retirement could last decades...
Those approaching retirement often underestimate how long they'll live. On average, someone aged 65 today can typically expect to live for at least another 20 years. But the income from many annuities will never increase. Imagine being told you were never going to get another pay rise for the rest of your life. - ...but will the value of their retirement income?
After 20 years without any growth in income coupled with inflation reducing the buying power of their money, clients could face a difficult retirement.
What does Income Choice Annuity offer?
- Potential growth to help beat the impact of inflation
Our Income Choice Annuity is linked to the performance of our With-Profits Fund. This gives your clients' income the opportunity to rise but it may also fall. - It can be right for clients who don't want excessive risk
Income Choice Annuity guarantees to provide your client with a regular income, usually for life. We also give the reassurance of a Secure Level of income, an amount we guarantee to pay your clients no matter how our With-Profits Fund performs. - Choice of starting income and flexibility to change this throughout retirement
Your clients can choose the starting income they want from within a set income range. Income can normally be changed once every every year from the first policy anniversary and therefore can adapt to your clients' needs as they change through retirement. - Clients have the option to convert to a Prudential Guaranteed Pension Annuity
Your clients can easily convert to a Prudential Guaranteed Pension Annuity at a policy anniversary. - Online support making business submission easy
We're one of the few companies to offer you annuity applications online and simple cases can normally be submitted in less than 10 minutes. Client verification checks for birth and marriage certifications, as well as bank details, can be done automatically online.
We've also introduced Income Choice Annuity quotes via Assureweb and Exchange industry portals and you can retrieve these quotes and pre-populate your submission forms by simply using your clients' postcode, sort code and account number.
This is all supported by a dedicated eBusiness Helpdesk which will help you with any technical problems you might have.
- Choice of income for you - both Initial and Annual Commission
You can choose:
- Initial Commission - up to 3.5% of your client's original pension fund (less any tax-free cash) or up to £500
- Annual Commission - up to 0.5% of the original pension fund (less Initial Commission and any tax-free cash.
- A combination of both to reflect the relationship you have with your client.
Supporting you through the sales process
Product research
For you
- Important Change to Income Choice Annuity
- Fast facts - a quick product overview
- Key features
- 2011 Smoothed Return announcement
- Terms and conditions
For your clients
Placing business
For you
- Submit new business online
- Retrieve a submission
- Watch how to submit business online
- Application forms
- Terms and conditions
