Turning retirement savings into guaranteed income

A Standard Life annuity supports the retirement your clients want by using pension savings to generate income.

The amount of income is determined by factors like age, the amount saved and annuity rates when the client takes their retirement benefits. It might also be affected by the level of escalation chosen, and will be, and will be subject to tax under the PAYE system. 

Annuities are great products for clients who want money from their pension policies to generate a guaranteed income for life. 


Who can have an annuity?

Annuities are suitable for clients who are using money from:

  • A personal pension policy 
  • An approved retirement fund 
  • An occupational pension scheme, including additional voluntary contributions 
  • A buy out bond or personal retirement bond 
  • A personal retirement savings account (PRSA)

What the client should consider

An annuity isn't the right choice for everyone. Once it’s bought it can’t be cashed in, and the client won’t be able to make additional withdrawals. They also won’t be able to change the annuity options they’ve chosen. 

They’ll need to decide whether they want income to increase annually, or whether the annuity should pass to a surviving partner after their death. These and other factors affect the income an annuity could offer, so it’s important to make sure they fully understand the decisions they’re making. We don’t offer enhanced terms for those with an underlying medical or life-limiting condition, or who have shortened life expectancy.

Useful links

The information on standardlife.ie/adviser is designed for financial advisers. It's not suitable for anyone else. If you're not a financial adviser, please go to standardlife.ie for information about the products and services we offer.