Income for Life
Income in retirementIncome for Life brings together the guaranteed income of an annuity with the death benefits and opportunity for investment growth of a drawdown pension.
You can remain in drawdown pension under your Income for Life plan for the rest of your life, subject to the maximum GAD limit. Alternatively, at any point, you can choose to take income out of your guaranteed income level under an Income for Life annuity or give up the guaranteed income and move to a conventional annuity.
The only circumstance in which the guarantee wouldn't apply is if Scottish Equitable plc failed. In this event, the benefits from your plan may be affected.
Income for Life may be suitable if you...
- are aged 55 to 70 and have at least £50,000 to transfer from your pension
- want a guaranteed income for life and are willing to pay a charge for this
- would like your income to be protected from falling markets
- would like a choice over where to invest your pension fund
- want the potential of seeing your guaranteed income rise if investment returns are good
- like reassurance that even if your fund value falls to zero your income level is guaranteed
- don’t want the commitment of buying an annuity right now
See more about how Income for Life works.
Income for Life may not be suitable if...
- don’t want to pay a charge for the guarantee
- would prefer less responsibility in making investment choices
- don’t want to regularly review your investment strategy and income needs
So you can make the right decision about what's right for your needs, it's a good idea to talk to your financial adviser.
If you don't already have one, you can use our 'Find an IFA service' to search for an adviser near you.
How to apply
Find out how to apply for our products and where you can find out more about the choices available to you.
Plan today, enjoy tomorrow
Do you know how much you’ll need to live on when you retire? Our online tools can help you add up your current and future costs.
Next steps
If you would like more information you should talk to a financial adviser.
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