-- Conventional Annuities --
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What is a 'Conventional Annuity'?
A basic or 'Conventional Annuity' is calculated for you personally, at a fixed rate. However it is possible for you to add extra benefits to the plan.
For example:
Income for Spouse or Civil Partner Increase by inflation or by fixed amount guaranteed minimum period (eg, 5 - 10 yrs) Protect capital with Annuity Protection Link to returns on investment - With Profit and Investment Linked Annuities, Enhanced Annuities and Impaired Annuities
NOTE - Any additional benefits will incur extra costs which will effect your level of income.
IMPORTANT - If you have contracted out of the additional 'State Pension' (SERPS or S2P), that proportion of your pension fund has to be used to purchase a Protected Rights Pension Annuity.
This will provide you with the same options as your other pension funds with the exception that you will have to purchase a 'joint-life' Pension Annuity that pays out a 50% spouse’s pension if you are married or with a civil partner.
