Flexible Growth Annuity

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Flexible Growth Annuity

There are two products on the market currently that allow you, instead of purchasing a lifetime annuity, to transfer your pension fund into an annuity account, part of which is used to buy an annuity which pays a guaranteed level of income for five years whilst the remainder of the fund stays invested in unit-linked funds.

You do not need to take the full level of income if you don't actually need it. An income at any rate between 50% and 120% of the lifetime annuity that would have been available can be selected.

This type of annuity is known generically as the flexible or growth annuity, obviously because it is flexible in how much income you choose to take and also gives you the potential to "grow" your fund further.

Every five years you are then able to use part of the fund that has remained invested either to buy a lifetime annuity or repeat the process of having part of the fund invested to provide a guaranteed level of income for five years while the remainder of the fund continues to be invested in unit-linked funds. At the end of each five-year period you can also vary the pension benefits to fit your current circumstances. This method of securing an income offers the benefit of greater flexibility as well as growth potential of future income.

In any event you will be required to convert to a lifetime annuity if you have not already done so by the time you reach age 85.

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