You can only buy a Compulsory Purchase Annuity with the funds from a pension plan. This could be a plan you have with us already or a plan invested with another pension provider.
If you've been contracted-out of the State Second Pension (S2P) and your National Insurance contributions have been paid into your pension plan, these contributions are a separate part of your pension fund called Protected Rights. You can also use this part of your fund to purchase a Compulsory Purchase Annuity.
We'll accept the proceeds of any pension fund as long as:
You may have heard the term "open market option" when talking about pensions. This means that you don't have to buy your annuity from the company your pension plan is invested with. You have the right to buy your annuity from another provider who might be able to provide you with a better level of income.
If you want to buy your annuity from Standard Life, you'd take any tax-free lump sum first from your other provider before transferring the remainder of the fund to us to provide you with an income for the rest of your life.
Transferring a pension plan needs careful thought and we'd strongly recommend that you get financial advice to make sure that it is the best option for you. Please note there may be a cost for this. If you don't have a financial adviser, and want advice on our annuities, you can speak to one of our experts in Standard Life Direct by calling 0845 272 8810. Call charges may vary.
Standard Life Direct is provided by Standard Life Client Management Limited which advises on, and sells products from, subsidiaries of Standard Life plc and some external providers.
If you've got more than one pension fund and want to combine them to get one source of income for the rest of your life, have a look at our Immediate Vesting Personal Pension Plan.
The minimum retirement age is 55.
