There is a great deal of information on this website about the various pension annuity contracts available. What follows is a quick reference to an enhanced annuity contract offered by Just Retirement.
Just Retirement’s Pension Annuity is an enhanced annuity which provides a
guaranteed retirement income for members of registered pension schemes in
return for their pension fund. Enhanced annuities take into account a variety of
lifestyle and medical factors which can normally be assessed without a requirement for a full medical examination, ranging from minor conditions such as high blood pressure to more serious conditions such as many types of cancer.
Pension Annuity Factsheet:
Lifetime Annuity (LA) is used when the member has been able to use the Open Market Option to choose their annuity provider. The current pension scheme will pay any Pension Commencement Lump Sum (PCLS) due.
Scheme Pension (SP) is used when the member has not used the Open Market Option and the scheme administrator has chosen an annuity provider
on their behalf. The purchaser of this type of policy must be the Trustee/Scheme Administrator of the current pension scheme and will pay any Pension Commencement Lump Sum (PCLS) due.
If the member wishes to transfer all of their pension fund(s) into the Just Retirement Pension scheme, they may be able to purchase an Immediate Vesting
Pension (IVP). This means that they will be subject to the scheme rules of the Just Retirement Pension scheme instead of those of their current pension scheme which may alter the benefits available to them. Just Retirement will pay any Pension Commencement Lump Sum (PCLS) due.
Pension Commencement Lump Sum (PCLS) is the cash sum that can be taken from the fund at outset. It is usually payable free of tax and may normally be
up to 25% of the fund.
In practical terms, an enhanced annuity could provide you with up to one-third more income in retirement than a standard annuity.
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