Annuities

This annuity provides you with a guaranteed income for the rest of your life. It is bought with your money, such as another investment or inheritance, which you want to use to provide additional income in retirement from age 55.

• You can receive your income either monthly, quarterly, half-yearly or yearly
• You can choose an income that stays at the same level or increases each year by a fixed percentage
• Talk to your adviser and find out how to apply for an Immediate Life Annuity

The retirement income plan bought with your money

Our Immediate Life Annuity pays a guaranteed income for the rest of your life. The plan is bought with your money, such as another investment or inheritance, which you want to use to provide additional income.

What is our Immediate Life Annuity?

It's a retirement income plan that you buy with your money, rather than money in a pension fund. This could be money you've inherited or that you hold in another investment. The minimum amount you'll need to buy an Immediate Life Annuity is £7,500, or £100,000 if purchased by trustees of a will or settlement. You can choose to take out the plan on your own or with someone else.

What are the options?

Like our Pension Annuity, you can choose whether your income is paid at the same level each year or increases each year by a fixed percentage. The options you choose will affect the amount of pension income you'll get. You can get a personal illustration with your quote so that you can see the difference the various options make to your pension income. Find out more about the different options available.

What are the benefits?

• Income choice. Your pension income can be paid monthly, quarterly, half-yearly or yearly, either 'in advance' (this means that payment of your pension income will be from the start date) or 'in arrears' (payment will be one month, quarter, half-year or year after the start date, depending on your chosen payment frequency).
• Clear charges. We use your single contribution to pay our charges for setting up and running your plan. We do this by taking these charges into account when we work out your income. No further charges will be taken.
• Tax advantages. HM Revenue and Customs may agree that part of your payment is a return of captial and therefore not subject to tax. However, tax rules may change in the future.

Things to think about

• Cash-in value. Once you've bought your annuity, it has no cash-in value at any time.
• Your annuity ends when you die. This means that you may not receive your money's worth from your annuity if you die soon after taking it out.
• Changing your plan. The options you choose at the start of your plan can't be changed.

Other useful information

• Find the answers to some frequently asked questions
• Download our plan information guides

How to apply

If you think that our Immediate Life Annuity is right for you, find out more about how to apply. If you need help deciding which annuity or options are most suitable for you, you can call one of our advisers or talk it over with your own financial adviser. You can find an adviser in your area at www.unbiased.co.uk

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WC01035 09/2008