75 Plan

The Living Time 75 Plan is a natural alternative to a Lifetime Annuity up to age 75, offering clients the certainty of income they need (within GAD limits) and more of the control they want over their pension fund.

For 75 Plan product details, click here »

Unlike a Lifetime Annuity, the 75 Plan doesn’t tie a client in for life to one shape of income. At age 75, they receive a Guaranteed Maturity Amount – known and fixed at outset – to reinvest in a Lifetime Annuity or ASP of their choice.

Watch our video

We have created this short video that explains how the 75 Plan can meet the needs of clients looking for certainty and control in their primetime retirement years.

Keeping options open

As personal circumstances such as marital status and, in particular, health can change drastically in the latter ‘primetime retirement years’, the 75 Plan gives clients another opportunity to shape the income and benefits they want and need.

Plus, if their health has deteriorated since they retired, they could benefit from a substantial uplift in their income through a personalised underwritten annuity.

For a client scenario outlining the potential suitability of the 75 Plan, click here »

75 Plan suitability (hover)

• Click the icon below to download a scenario that demonstrates the potential suitability of the 75 Plan as an alternative to a Lifetime Annuity.
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What are the risks?

• Future income
  Annuity rates may be lower in the future.
  
  The income that the Guaranteed Maturity Amount (GMA) 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 the client selects at the outset of their Plan, the lower the Guaranteed Maturity Amount at the end of the Plan term, which in turn will reduce the future level of income the client can obtain.
  
  
• Death benefits
  If the client does not select at least one of the death benefit options under the Plan and they die during its term, no further Plan benefits will be paid, i.e. their remaining pension fund will be lost.
  
  
• Income levels
  The client's chosen income may be restricted throughout the term of their Plan by limits set by the Government Actuary's Department (GAD).  Any income that cannot be paid because of a restriction will be added to the GMA, plus interest at a gilt rate determined by Alico.
  
  
• Inflation
  Inflation will reduce what the client can buy with their income in the future.
  
  
• No withdrawal or changes
  Once we have received the client's application for a Living Time Income Plan they will have 30 days to change their mind. After that, their funds cannot be moved or their benefits changed until the end of their chosen term.