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  • Protected Rights 75 Plan
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Protected Rights 75 Plan

The Living Time Protected Rights 75 Plan is designed for those clients with Protected Rights pension money who want a longer-term fixed income, with the ability to review their financial plans and needs again at age 75 when the Plan term ends.

The Plan aims to provide an income equal to a standard Lifetime Annuity with equivalent benefits (although clients can choose to take a lower income – even nil income – if they wish to).  In fact, the Living Time Plans have provided competitive rates of fixed-term income up to age 75 comparable to the best Lifetime Annuity rates in the market since launch.

If the client survives until the end of the term, the day before their 75th birthday, they will receive a Guaranteed Maturity Amount to reinvest in an appropriate pension product of their choice.

Value Protection death benefit is automatically included.  The client can also select 100% Spouse/Civil Partner Benefit if required.

Main features of the Living Time Protected Rights 75 Plan:

• The Plan runs to the day before the client’s 75th birthday (minimum term is 9 years so maximum age at entry is 65 years and 11 months)
• Minimum age at entry = 50 (55 from 6th April 2010)
• Maximum income approximately the same as that available under a standard Lifetime Annuity with equivalent benefits
• Guaranteed Maturity Amount at the end of the Plan term
• Value Protection death benefit automatically included and cannot be deselected
  
• Optional 100% Spouse/Civil Partner Benefit
  

Fixed Term Annuity Risks

• Future income
  Annuity rates may be lower in the future. The income that the Guaranteed Maturity Amount can buy at the maturity date is not guaranteed. It may be higher or lower than the amount a Lifetime Annuity would pay if purchased now.
  

  The higher the income level a client selects at the outset of your Plan, the lower the Guaranteed Maturity Amount at the end of the Plan term, which in turn will reduce the future level of income they can obtain.

• Death benefits
  Plan holders should give careful consideration to the benefits they wish to provide on their death. Value Protection is automatically included within the plan and cannot be deselected. Plan holders with a spouse or civil partner also have the option to choose Spouse/Civil Partner Benefit.

• Income levels
  The client's chosen income may be restricted in later years by limits set by the GAD.

• Inflation
  Inflation will reduce what the client can buy with their income in the future.

• Termination
  If a client buys a Living Time Protected Rights Income Plan they will have 30 days to change their mind. After that, if they chose to terminate their Plan before the end of the chosen term, a sum will be available for them to use to buy a Lifetime Annuity but this is likely to be less than the amount they used to buy the Plan.