How are Secure Retirement Income (SRI) income payments made?Tue Sep 01 14:48:00 BST 2015
Income payments come from your Secure Retirement Income investment and will reduce the value of your savings.
Crucially though, even if your savings run out completely, we’ll keep paying your guaranteed income. Your secure retirement income won’t go down unless you switch out of SRI.
For an example, see page two of our leaflet What is Secure Retirement Income? (Opens new window)
It’s important to know that any guarantee is based on the ability of the issuing insurance company – in this case Scottish Equitable plc – to pay it. If, for example, that company no longer existed, then the guarantee(s) would be affected.
If we become unable to meet our liabilities, and if you’re habitually a UK resident when the contract starts, you’ll be covered by the provisions of the Financial Services Compensation Scheme (FSCS). Insurance business of this type is generally covered for 100% of the value of the whole claim, without limit.
You can get more information about compensation arrangements from the FSCS at fscs.org.uk(Opens new window)