Protected Rights Income Plan
The Living Time Protected Right Income Plan is designed for those clients with Protected Rights pension money that want greater flexibility throughout their retirement, with the ability to change their financial plans on a regular basis.
The Plan can be set up for terms of 3 years or more (up to a maximum age of 75). If the client survives until the end of the term, 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.
The Plan aims to provide an income equal to a standard Lifetime Annuity with equivalent benefits (although the client can choose to take a lower or higher income – between £nil and the maximum allowed under current legislation – if they wish to).
Commission rates may vary based on the term of the Plan »
Main features of the Living Time Protected Rights Income Plan:
- Plan term 3 years+ (maximum ceasing age of 75, so the maximum age at entry is 71 years and 11 months)
- Minimum age at entry = 50 (55 from 6th April 2010)
- Income can be selected at outset between £nil and the maximum allowed by current legislation
- Guaranteed Maturity Amount at the end of the chosen Plan term
- Value Protection death benefit automatically included and cannot be deselected
- Optional 100% Spouse/Civil Partner Benefit
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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.
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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.
This site and its content is designed for professional advisers only. It is not approved for use by individual consumers.
Alico is the insurance company that provides Living Time Plans.
Living Time Limited is an appointed representative of American Life Insurance Company (Alico). Living Time Limited is registered in England with company number 04750947 and has its registered office at 1 Conduit Street, London W1S 2XA. American Life Insurance Company is a private limited company incorporated with limited liability in Delaware, USA number 0123730. Head Office: One Alico Plaza, Wilmington, Delaware, USA 19801. Branch Office: 22 Addiscombe Road, Croydon CR9 5AZ. Registered in England number BR000230. Authorised and regulated by the Financial Services Authority (FSA reference number 139417).