Financial services giant Standard Life has launched the Standard Life Pension Annuity, which is “designed to meet the increasing need for certainty and security among those approaching or at retirement”.
Available on the open market to both new and existing Standard Life customers, the annuity is aimed at customers aged between 55 and 75 who are looking for a guaranteed income for life from their pension savings.
It is available through both advised and non-advised channels, including industry quote-comparison portals and leading specialist annuity brokers.
Claire Altman, managing director for individual retirement at Standard Life, said: “Annuities are increasingly better value. In an uncertain economic climate, the guaranteed income offered by an annuity is likely to be an ideal solution for many.”
Options
The annuity includes inflation-linked options and value protection, which provides a death benefit, ensuring the customer’s investment is returned to their beneficiary, less any income taken.
Customers can also consider the option of buying a guaranteed period for up to 30 years, which secures a regular income for a customer’s beneficiaries or dependents.
Altman added: “When purchasing an annuity, it is important to be aware that they come with many different options, or benefits, which can be used to shape the income received. It is worth considering whether benefits such as value protection or a guaranteed period would provide further peace of mind.
“Through enhanced annuities, the income received is also increased as a result of any medical conditions, so it pays to provide a full health disclosure when looking at the best options available on the market.
“Retirement income doesn’t have to be a binary choice between drawdown and annuities. By purchasing an annuity in combination with other solutions, such as drawdown, people can enjoy the best of both worlds. Purchasing later in retirement, or in stages, also allows someone to benefit from the way that annuity rates generally improve with age.”
