Our standalone Guaranteed Annuity is now closed to new business.
Going forward we will continue to offer an annuity within our drawdown product, The Retirement Account (TRA). All assets within TRA, including annuities, are protected by its tax advantaged wrapper which means that a TRA annuity provides significant advantages over a standalone annuity – find out more.
The Retirement Account Annuity provides everything you would wish for in an annuity:
- Competitive rates
- A wide range of death benefits to suit your client
- The option of income escalation
As with a standalone annuity, 100% of your client’s pension fund can be used to buy the annuity income. There is no obligation to invest anything in drawdown.*
If you have any questions you can call us on 0800 912 9945, or contact your Business Development Manager.
Are existing Guaranteed Annuity policyholders affected?
There are no changes to policy terms, income payments or any other aspect of policy administration for existing Guaranteed Annuity policyholders. No action needs to be taken by advisers as a result of closing the product to new business.
If you need to know more about our standalone Guaranteed Annuity, you can find details here:
*Please note that the Money Purchase Annual Allowance is triggered if taxable income is paid directly to the client from The Retirement Account due to its flexi-access drawdown status.