The Standard Life Pension Annuity

It’s a relentlessly reliable income solution

• Gives your clients peace of mind that they’ll always have a steady income coming in.

There’s a range of optional features

• Add yearly increases to your client’s annuity payments.
• Choose from a range of death benefits, including cash lump sums or a lifetime income for a dependant.
• 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 enhanced rates

• If your client has a health condition or certain lifestyle issues, they could be eligible for higher annuity payments.
• We cover some of the conditions that might qualify for enhanced terms in our Enhanced annuity rates - conditions that may qualify leaflet.

It’s potentially suitable for your clients if they:

• Want a regular, guaranteed lifetime income.
• 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 a regular, guaranteed lifetime income for a dependant when they die.
• Would like to avoid their retirement income being impacted by investment risk.
• Are happy to accept that they can’t change or cash in their annuity once it’s been set up, even if their circumstances change.
• Are happy to accept that the total income they receive over the life of their annuity may be less than the total amount that was used to buy it.
• Live in the UK.

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

• Have less than one year to live.
• Have less than £10,000 in pension savings.
• Would like the freedom to make changes to their retirement income payments, such as taking additional cash lump sums.
• Would like to keep their pension savings invested so they can potentially benefit from future investment growth.
• Would like their dependant to benefit from any remaining savings in their pension pot when they die, without having to buy additional guarantees or protection.
• Are happy to accept that their pension savings could run out before they die.
• Have declared bankruptcy and the fund value of their pension plan has been earmarked to settle some or all of the outstanding debts.

Age limits

To buy a Standard Life Pension Annuity, your clients must be aged at least 55. We may also accept younger clients if they’re retiring due to ill health, or if they have a protected retirement age.

The maximum age we can accept is 85 for Open Market Option (OMO) cases, and 74 for transfer (IVPP) cases.

Purchase price

The minimum amount your client will need to buy a Standard Life Pension Annuity is £10,000 - after any tax-free cash 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 your client’s annuity when we work out how much their income will be. We don’t take anything from your client’s ongoing annuity 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.