Guaranteed Fixed-term Income

It's a reassuringly balanced retirement income solution. 

• It offers your clients a steady income for a fixed term, and the option to change their plans when the fixed term ends. 

There’s a range of optional features for added flexibility 

• Add yearly increases to your client’s income payments. 
   
• Choose from a range of death benefits, including value protection, dependant's income and a guaranteed period.
   
• You can find out more about the features we offer, along with how much they might cost, in our
  What do the added benefits cost? guide.
   

We offer a maturity value 

• Choose to select a maturity value for clients to receive at the end of the term. This amount can be used to select another retirement income product, such as a lifetime annuity or drawdown, or be taken as a taxable lump sum.
   
• You can find out more about a maturity value in our adviser guide.

It’s potentially suitable for your clients if they: 

• Would like a regular, guaranteed income for a particular period of time, between three years and up to a maximum of 25 years.
   
• Would like to defer buying a lifetime annuity as they feel their circumstances may change in the future but still have a need for an income. They may worry that their health could deteriorate and that they might benefit from better, enhanced rates when they are older.
   
• Would like the option of a maturity value at the end of the fixed term to either take as a lump sum or buy another retirement income product.
   
• Would like the option to take additional lump sums or surrender their policy early if their circumstances change. The option to surrender is only available if they take a guaranteed period to cover the full term of the product. 
   
• Would like the option of having their income increase each year, either in line with inflation or by a fixed rate.
   
• Would like the option to provide a lump sum or for the guaranteed income to continue to be paid to a beneficiary or dependant if they die during the fixed term, and are prepared to pay for this benefit.
   
• Would like to avoid their retirement income being impacted by investment risk for a specified period of time.
   
• Are prepared to accept the retirement income they receive over the term of the product may be less than the total amount that was used to buy it. 
   
• Are prepared to accept the retirement income they can buy with the maturity value at the end of the term may be less than they expected if market conditions change.
   
• Are prepared to accept their pension savings could run out before they die.
   
• Live in the UK. 

Take a look at our Case studies guide which shows some scenarios on how the guaranteed fixed-term income product can support your clients retirement journey.
 

It’s unlikely to be suitable for your clients if they: 

• Would like a guaranteed income for life - right now. 
   
• Have less than one year to live or are looking for a short-term income solution for less than three years.
   
• Have less than £10,000 in pension savings.
   
• Would like to keep their pension savings invested so they can potentially benefit from any future investment growth.
   
• Would like a beneficiary or dependant to benefit from any remaining pension savings if they die during the fixed term, without having to buy additional guarantees or protection.
   
• Have declared bankruptcy and the fund value of their pension savings has been earmarked to settle some or all of their outstanding debts.
   
• Wish to take any Defined Benefit scheme pension benefits or any safeguarded benefits (such as Guaranteed Annuity Rates or Guaranteed Minimum Pension) through the product. 
   
• Have certain medical or lifestyle conditions, they may be able to receive a higher income from a product that takes these into account.

Age limits
To buy a Standard Life Guaranteed Fixed-term Income, your clients must be aged at least 55 (Increasing to 57 from 6 April 2028). 

The maximum age we can accept is 85, however the maximum age at the end of the selected fixed-term can’t exceed 95, for example, someone at age 80 could not have a term greater than 15 years.
 

Purchase price
The minimum amount your client will need to buy a Standard Life Guaranteed Fixed-term Income is £10,000 - after any tax-free lump sum and adviser charges have been deducted. 

We don’t have a maximum - but you should get in touch with us about any plans that are valued at over £1,000,000 as we’ll need additional checks to be completed before we can give you a guaranteed quote. 
 

Product charges
We include all our expenses for setting up and running the product when we work out how much their income payments and maturity value will be. There are no hidden costs and we don’t take anything from your client’s ongoing income payments. 
 

Adviser charges
We can facilitate a variety of adviser charging structures, so you shouldn’t need to change your pricing model in order to work with us.