• 04 September 2023

    Standard Life launches a new individual annuity to meet increasing desire for a guaranteed income in retirement

    Standard Life, part of Phoenix Group, today announces the launch of the Standard Life Pension Annuity, designed to meet this increasing need for certainty and security among those approaching or at retirement.

    It can be tricky for people to plan for retirement and know how long their savings will need to last, given market volatility, economic uncertainty, and the fact that life expectancy can be difficult for people to predict. The flexibility offered by drawdown remains an attractive option for many, but with investment returns not guaranteed, there is a risk of running out of money without effective planning. An annuity offers pension savers a solution - providing a regular, guaranteed income that lasts as long as you do.

    Available on the open market to both new and existing Standard Life customers, the Standard Life Pension Annuity is aimed at customers aged between 55 and 75 who are looking for a guaranteed income for life from their pension savings.

    Phoenix Wealth customers who enquire about our annuity option will now receive illustrations for the Standard Life Pension Annuity.

    Claire Altman, Managing Director for Individual Retirement at Standard Life, commented: “It is an exciting time to be launching a new guaranteed income product on the open market. Annuities are increasingly better value, with current rates improving by 20% in the last twelve months, as of June 2023. In an uncertain economic climate, in which three quarters of people say they want income certainty in retirement, the guaranteed income offered by an annuity is likely to be an ideal solution for many. I think people are beginning to see this value, with the first quarter of this year proving to be the highest quarter for annuity sales since the pension freedoms.”

    Manufactured by Phoenix Group and distributed under the Standard Life brand, the Standard Life Pension Annuity (the Annuity) is available to Phoenix Wealth customers through both advised and non-advised routes. It will also be available on industry quote comparison portals and through specialist annuity brokers.

    The Annuity is fully medically underwritten, designed to help ensure those suffering from lifestyle and/or medical conditions get more for their money, as well as for people who are in good health. It offers a wide range of benefit features that are typical in the annuity market, including inflation-linked options, and value protection, which provides a death benefit to a customer, ensuring their investment is returned to their beneficiary (less any income taken). Customers may also consider purchasing a guaranteed period for up to 30 years, which secures a regular income for a customer’s beneficiaries or dependents if anything should happen. This is agreed for a fixed period of time, giving customers confidence their loved ones will be looked after.