Our lifetime annuity uses the money saved in your pension plan to give you a guaranteed, regular income for life. You can also choose to provide an income for your chosen beneficiary(ies), like a spouse or partner. Once you’ve set up your policy, you can’t normally revise or cancel it so we recommend that you seek professional advice before you apply.
If you have recently received a letter regarding tax code changes that may impact the tax you pay on your annuity income, you may need to contact HMRC to discuss your taxation position. You can do this by logging onto your online Personal Tax Account via www.gov.uk, calling the helpline on 0300 200 3300, or via post Sefton Area, HM Revenue & Customs PAYE, PO Box 1970 Liverpool, L75 1WX.
If you have any questions about this letter or need assistance in understanding any of the points raised, please contact retirementservicing@canadalife.co.uk
Just so you're aware, we're unable to change the terms of your annuity policy once we've set it up. Your income will stop when you die unless you opt to include death benefits. Inflation will reduce the spending power of your income, especially if you haven't chosen a rising income. Tax rules depend on individual circumstances and may change. Other annuity providers may provide you with a better outcome.
You may be able to take up to 25% of your existing pension fund as tax-free cash. However, if your pension monies are coming from a drawdown plan, you will have already taken your tax-free cash.
We’ll tax your income at your marginal rate once we receive a tax code from HMRC or you provide a valid P45 certificate. If we don’t receive this, we’ll apply a temporary, emergency tax code. The amount of income tax you pay will depend on your total income from all sources and your personal allowance.
If you die prior to your 75 th birthday, we’ll make tax-free lump sum payments or provide tax-free income to your beneficiary(ies). If you die after age 75, we’ll tax any payments at your beneficiary(ies) marginal rate of income tax.
As we don’t give personal recommendations on our products, you should make sure this annuity is right for you before you make a purchase. Visit our find an adviser page for tips on getting professional advice and taking advantage of government-backed support services.
Need an adviser? A financial adviser can help you get a tailored quote for our products. Read up on how to find an adviser and what to expect from the advice process.
Find out the amount and percentage rate of income tax you’ll need to pay on any pension funds you withdraw.
Find out your average life expectancy, so that you can successfully plan for your future.
Content approved: 20/05/2024
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