Compare plans

Income in retirement

Breadcrumb Navigation

We offer a choice of income in retirement products, so you’re sure to find something that meets your needs.

	Retirement Control	Income for Life	Annuity
Product description	Retirement Control allows funds to be placed in drawdown pension or phased retirement	A drawdown pension but with a guaranteed income level for life	A pension annuity. A pension fund buys an income for life. An annuity can be single or joint life and can have a guaranteed period.
Minimum age	18 ( 55 for drawdown pension)	55	55
Maximum age at entry	72	70	74
Minimum contribution	£50,000 before tax free lump sum or £35,000 after tax free lump sum	£50,000	The minimum annuity purchase price is £5,000.
Income	Drawdown pension can be selected and is subject to GAD limits. Phased retirement can also be chosen.	This is a drawdown pension contract and is subject to GAD limits. The level of guaranteed income is dependant on age income starts and ranges from 2.65% to 5.3%.	The annuity level will depend on current annuity rates and the type of annuity selected, eg single life/joint life, any escalation and if a guaranteed period is selected.
Annual management charge (AMC)	0.5% Some funds carry an additional management charge. This can further increase the overall AMC.	The total cost, including the AMC and guarantee charge depends on the fund selected and ranges from 1.00% to 2.85%	Not applicable
Number of insured funds available (as at 10/05/2011)	250	There's a choice of 9 funds available.	Not applicable
Other charges?	If commission is selected it can be paid for via either a financial adviser charge, establishment charge or additional AMC.	If commission is selected it can be paid for via either an initial charge, establishment charge or additional AMC.	Not applicable
Fund switching	You can make up to 20 fund switches a year, all of which are free.	You can make up to 20 fund switches each year, all of which are free. .	Not applicable
Self-investment	Retirement Control has a self-invested option. If you don’t use this you won’t be charged for it. If you choose to self-invest, the additional charges would depend on the investments you choose and the size of the investment. £35,000 must remain in insured funds in order to 'activate' the self-investment element.	Income for Life does not have a self invested option.	Not applicable
Death benefits	Return of fund. Please see Retirement Control technical guide for more details.	The type of death benefits available will depend on whether the client is in Income for life drawdown pension or Income for Life annuity at death. See our adviers guide for more details	If a joint life annuity is selected the annuity will continue to the second life on the chosen percentage. If the annuity is single life the payments cease on death unless a guaranteed period has been selected.
Guarantee period	Not applicable	Not applicable	If a guaranteed period is selected,the annuity is paid until the end of that period if the annuitant dies within the guaranteed period