Living Time’s retirement contracts offer simple and flexible benefits up to the age of 75 and without locking you in for life. They also provide useful guaranteed benefits without the added worry of investment performance risk, and could just be the right retirement option for you.
They offer two plans as alternatives to you having to buy a lifetime annuity; the 75 Plan and the Income Plan. They build in a Guaranteed income to age 75, subject to limits, and you can select the income level you want at the outset, from £nil up to the maximum allowable under current
legislation (this is for the Income Plan only).
There is a Guaranteed Maturity Amount (GMA) which applies at the end of the Plan term, and a
choice of flexible death benefits.
The 75 Plan runs to the day before you reach your 75th birthday (minimum 9 years), and the
maximum income that can be taken is about the same as that available under a standard Lifetime Annuity (with the same benefits).
The Income Plan can be set up for terms of normally 5 years or longer (up to age 75). If you survive until the end of the term, you will receive a GMA to invest in an appropriate pension contract of your choice.
Optional death benefits can be selected at the outset to protect your dependants in case you
die during the term.
The primary aim of this contract is to provide you with an income equal to a standard Lifetime
Annuity (with the same benefits), although you can choose to take a lower or higher income . Since their launch, these contracts have provided competitive rates of fixed-term income up to age
75 comparable to the best annuity rates in the market.
With a retirement option such as this it is not all about annuity quotes, it is about understanding the contract, and specialist advice should be taken before you take one out.
