Annuities - UK - August 2011
The different products examined in the report include:
Lifetime annuity – this is where the accumulated pension fund is converted into a regular and guaranteed stream of income during retirement. The amount of income an individual gets from an annuity product depends on the size of their pension fund, annuity rates, the type of product they opt for and various personal factors, such as their age, medical history and, historically, gender. (Note that as from 21 December 2011, annuity providers will no longer be able to factor in gender when setting rates).
There are several sub-categories of annuity available on the market, as outlined below.
- Escalating (or increasing) annuity
- Impaired life/enhanced annuity
- Investment-linked annuity
- Value-protected annuity
Single- and joint-life policies
All of the above types of annuity can be either single-life or joint-life products.
- Single-life annuity
- Joint-life annuity
Open market option
- Internal pension annuity
- External pension annuity
- Income drawdown
- Capped drawdown plan
- Flexible drawdown plan
- Short-term annuity
- Combined solution
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