Annuity
Target market
This product is suitable for clients who:
- Want a guaranteed income for their lifetime using money from their pension policies.
In brief
- Your client can buy an annuity with their retirement fund
- An annuity will give your client a guaranteed income for their lifetime
- The amount your client receives is based on age, options they choose, for example indexation of income and amount of the retirement fund
- Income payments are taxed under the PAYE system
