The Just Retirement Fixed Term Annuity is designed to give you more flexibility and control in and at retirement. It is a type of capped drawdown arrangement where an income is taken from your pension fund instead of using it to buy a lifetime annuity (see What is an annuity?).
Our Fixed Term Annuity provides a guaranteed income (within government limits*) for a term of your choice, from five years up to a maximum of 15, but without investment performance risk during the selected term if held to maturity.
A guaranteed maturity amount (GMA) is calculated at the start of the Plan. If you live until the end of the term this GMA can be used to buy:
Greater flexibility and an innovative conversion feature The Just Retirement Fixed Term Annuity allows you to approach retirement in a series of stages, rather than making a ‘once and for all’ decision on the day you stop work. It also has an innovative conversion feature, available if you take out Plan Protection at the outset. The conversion feature can be used to convert to another retirement income product, at any point during the Plan term, for any reason, if it suits your individual circumstances and financial advice has been given.
The conversion feature allows you to take account of changing circumstances such as:
Read more about the conversion feature here.
You should also bear in mind the following risks
If you want to know more about the suitability, benefits and risks of our Fixed Term Annuity, including Plan Protection and the conversion feature, please speak to your financial adviser. If you don’t have a financial adviser, you can get some help finding one here.
Useful links Read more about the conversion feature Questions about annuities
Answers to common annuities questions