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Purchased Life Annuity

Questions and Answers



 Can I invest money that's not from a pension scheme?

Yes, you can invest any lump sum between £5,000 and £500,000. For example, the money from the sale of a house, an inheritance, an unexpected windfall, or a maturing life plan. You can also invest a tax-free lump sum from a pension fund.

 Can I cash it in or change provider?

No, once you've bought this annuity, you can't cash it in, change your provider or alter it in anyway.

 What happens if I die?

The payments will stop unless:

  • you've chosen a guarantee period, in which case payments will be made until the end of the guarantee period;
  • you've a joint life, last survivor plan, in which case payments will continue until the second person dies.

If you've protected your capital, and have not received payments before tax equal to the amount you originally invested, we'll return the balance if you die during the term of the plan.

 What effect will inflation have?

Inflation can reduce the value of your pension over time.

To protect against the effects of inflation, you can choose to have your income payments increase automatically each year at a fixed rate of up to and including 8.5%.

Your starting income will be lower if you choose this option.

 Is my money guaranteed?

Your regular income, including any increases you have selected, is guaranteed until you die or until the end of any limited period you have chosen.

If you've chosen a guarantee period, your income will be paid until the end of this period, even if you die earlier. If you have a joint life annuity, an income will be paid until the first death, second death or a named person dies, depending on the option chosen.

Your starting income may be lower if you choose these options.

 Why choose Standard Life?

Standard Life has been looking after its customers for over 180 years, and currently around 7 million people worldwide rely on us for their financial needs.

Like most people, you want to know that your financial future is in good hands. Standard Life places a great deal of importance on getting your money to work hard for you; that's why we believe you can have confidence in us.


 
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This website is intended for the information of residents of the United Kingdom. Standard Life Assurance Limited (SC286833), Standard Life Bank plc*, (SC173685), Standard Life Client Management Limited (SC193444) and Standard Life Savings Limited (SC180203) are all registered in Scotland at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Investments Limited (SC123321) and Standard Life Investments (Mutual Funds) Limited (SC123322) are both registered in Scotland at 1 George Street, Edinburgh EH2 2LL. All companies authorised and regulated by the Financial Services Authority (* except for Standard Life Bank plc's "Buy to Let" mortgages).

© 2008 Standard Life