Protected Rights Annuity

Applies if you have contracted out of the State Second Pension (or SERPS), and put your National Insurance (NI) rebates into a personal pension.

Protected rights pension

Your current pension provider will tell you if protected rights applies to you and what it might mean in your circumstances.

You can take your protected rights pension income at the same time as your occupational or personal pension, provided you are aged over 55 years old and your pension scheme rules currently allow you to start taking your pension at age 55.

You can convert up to 25% of your protected rights fund into a tax-free cash lump sum.

Joint life annuity

You will have to buy a joint-life annuity paying a 50% spouse’s pension benefit if you are married or have a civil partner.

Annuity income

You can select how your income is payable. You can choose to take a level income or an increasing income.