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.