Your Second Life, your way

Buying a Standard Life annuity with the savings from your pension pot offers a guaranteed income that supports your Second Life. How much you'll get depends on factors like your age, the amount you've saved, and annuity rates when you take your retirement benefits. This page tells you more about our annuity product and some of the things you might like to think about. 

Introducing the Standard Life Annuity

What is an annuity?

An annuity is a product you buy with the savings from your pension pot. It converts those savings into a guaranteed income for life. With the Standard Life Annuity, you have several options:

  • Have your income paid as a fixed amount 
  • Have your income automatically increase each year
  • Arrange for your spouse or civil partner to continue receiving income after you die
  • Have annuity income paid for a fixed period (called a guaranteed period), even if you die before the period ends

The choices you make affect the income you get. For example, the more income you want your spouse or civil partner to have after your death, the lower your income in life will be.

Annuity payments are treated as income, taxed under the Pay As You Earn (PAYE) system and liable to income tax and Universal Social Charge. You'll find more information in our 'Guide to your payments' PDF.

Who can take out an annuity?

No matter who your pension is with, you can choose a Standard Life annuity if you have:

  • A personal pension policy (PPP)
  • An approved retirement fund (ARF)
  • A company pension (occupational pension scheme (OPS), including additional voluntary contributions (AVCs))
  • A buy out bond or personal retirement bond (BOB or PRB)
  • A personal retirement savings account (PRSA)

Should you choose the Standard Life annuity?

An annuity isn't the right choice for everyone. Once you've bought an annuity you can't cash it in or make additional withdrawals, and you won't be able to change the annuity options you've chosen. So it's important to speak with a financial adviser before you make a decision – they'll help you understand all the pros and cons.

If you decide an annuity is the way you want to go, you'll have various choices to make, like whether you want income to increase each year, or to go to a surviving partner after you die. Once you've made those choices, you'll have established a guaranteed income that helps to support you in retirement. 

Finding out more

We always recommend speaking to a financial adviser before you make any financial decisions. They'll be able to help you understand all the pros and cons of the products you're considering, so a consultation is one of the best investments you can make. If you don't already have an adviser, you can find one through Brokers Ireland

You'll need to ask for a personal illustration from Standard Life or your financial adviser, and read the key features document before you apply for an annuity.


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