Defined Benefit

No

Defined Contribution

Yes

Defined Benefit

Yes

Defined Contribution

Yes

First Annuitant

Second Annuitant

Minimum age

55 attained

35 attained

Maximum age OMO

99 years 11 months

99 years 11 months

Maximum age Transfers

75

99 years 11 months

Minimum premium

£10,000

Maximum premium

£2,500,000 (total)

Payment frequency

Monthly / Quarterly / Half Yearly / Yearly

Paid in advance or arrears (with or without proportion on death)

Payment method

BACS

Escalation options

Level to 10% p.a.

RPI

LPI

Second annuitant benefits

0 to 100% of the members pension

Payable with or without overlap (with any guarantee period)

Named dependant only and any spouse basis allowable.

Guarantee periods

0 to 10 years either in whole years or monthly steps if required

Paid as continuing income

Annuity Protection

Between 0.1 – 100% of annuity purchase price less gross income paid or to be paid under any guarantee.

Single life annuity – is paid on the death of the annuitant before their 75th birthday

Joint life annuity – paid on the death of the last to die providing the annuitant died before their 75th birthday.

Income

Income payments are taxed under the PAYE (Pay as you earn) system.

Annuity Protection

Payments are subject to deduction of 55% at source. Normally payments fall outside of the annuitant’s estate for IHT purposes.