Immediate Vesting Personal Pension Select

If you buy an Immediate Vesting Personal Pension Select for £2,880, the tax man makes it up to £3,600. We'll normally pay 25% of the £3,600 as a tax-free lump sum right away – that’s £900.

Then we'll pay you a fixed regular amount every year for the rest of your life. It's as straightforward as that.

What’s more, you can take out a new plan every year between age 55 and 75.

This option might suit you if:

• You want to make a single lump sum payment of £2,880 to buy an immediate annuity from Standard Life
• You like the security of knowing that you have a guaranteed regular income for the rest of your life
• You want to receive your pension income at the same time as taking your tax-free lump sum
• You are comfortable receiving an annuity that’s paid yearly and will never increase in value

Buying an annuity is a long-term decision and once it’s set up, you can't cash it in or make any changes.

It's important to consider your choices carefully. Once the plan is set up, you can't cash it in or make any changes.

• You can only buy an Immediate Vesting Personal Pension Select with a single lump sum payment
• When you die, your pension benefits will stop
• We will pay your annuity payments yearly in advance
• Your yearly annuity payments won’t increase - this means inflation may reduce its purchasing power over the years
• There is no option to include spouse’s pension
• Once you’ve bought this plan and the 30 day cancellation period has expired, you can’t change your mind or transfer to another provider

Find out more

Before buying an Immediate Vesting Personal Pension Select you need to be fully aware of the risks and commitments. You should read the Immediate Vesting Personal Pension Key Features (192kb) and the rest of this section.

Get financial advice

Buying an annuity is a long-term decision. It’s also one you can’t change later, so it’s worth seeking professional advice. Speak to your financial adviser or contact Standard Life Direct on 0845 272 8810 (call charges will vary). A financial adviser may charge for giving advice.

Standard Life Direct is provided by Standard Life Client Management which advises on, and sells products from, subsidiaries of Standard Life plc and some other companies.

You can only invest £2,880 into an Immediate Vesting Personal Pension Select each year.

Are you old enough?

You need to be at least age 55 to buy an Immediate Vesting Personal Pension Select.

Tax

When you buy your Immediate Vesting Personal Pension Select with a lump sum of £2,880, we will add basic-rate tax relief of £720 to that payment.

Laws and tax rules may change in the future. The information here is based on our understanding in September 2012. Your personal circumstances also have an impact on tax treatment.

Apart from the tax-free lump sum, the income you receive from your annuity will be taxed under the Pay as You Earn (PAYE) system.

If you have elected Flexible Drawdown (an alternative form of Drawdown which allows unlimited withdrawals but requires you to meet criteria around minimum levels of guaranteed income), you can make further Pension payments but they would be subject to a tax charge.

You can find out more on the HM Revenue & Customs website.

This link is provided for general information purposes only. Standard Life accepts no responsibility for information contained in the site or for the site not being available at all times.

Laws and tax rules may change in the future. The information here is based on our understanding in September 2012. Your personal circumstances also have an impact on tax treatment.

We include the charges and costs for your annuity when we work out how much income your plan will buy. Once your plan is set up, you won’t pay any other charges.

Our quotation and policy schedule will show what these charges are.