PRODUCT GUIDE
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PENSION PRODUCTS
COMPULSORY PURCHASE ANNUITIES
Type of Annuity
Single / Joint Life
The annuity can be single life or joint life. The joint life annuity will be without overlap and can be set up as -
Without overlap means that, on the death of the member within a guarantee period (see below), the reversionary annuity for the spouse/dependant will start at the end of the guarantee period.
Escalation
The annuity can be level or can increase during payment by 3% or 5% or by Limited Price Indexation.
Guarantee
The annuity for the member can be guaranteed to be payable in any event for 5 or 10 years if the annuitant dies before the end of the guarantee period OR the annuity can merely stop when the annuitant dies (¿not guaranteed¿).
In addition, Personal Pension and Stakeholder legislation allows for a spouse's annuity to be guaranteed. Although this is possible, it is definitely not the norm. This option must be chosen at the time the initial pension is set up.
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
COMPULSORY PURCHASE ANNUITIES
Single / Joint Life
The annuity can be single life or joint life. The joint life annuity will be without overlap and can be set up as -
- continuing at the same level to the spouse / dependant, or
- reducing by one half, or
- reducing by one third.
Without overlap means that, on the death of the member within a guarantee period (see below), the reversionary annuity for the spouse/dependant will start at the end of the guarantee period.
Escalation
The annuity can be level or can increase during payment by 3% or 5% or by Limited Price Indexation.
Guarantee
The annuity for the member can be guaranteed to be payable in any event for 5 or 10 years if the annuitant dies before the end of the guarantee period OR the annuity can merely stop when the annuitant dies (¿not guaranteed¿).
In addition, Personal Pension and Stakeholder legislation allows for a spouse's annuity to be guaranteed. Although this is possible, it is definitely not the norm. This option must be chosen at the time the initial pension is set up.
