Overview- Would like access to a regular, guaranteed retirement income for life
- Want to receive a guaranteed lifetime income into their Fidelity Drawdown Account so they can manage all their income in one place
- Would like the option to potentially provide a lump sum death benefit for their loved ones when they die (via Value Protection)
- Would like to avoid part of their retirement savings being impacted by the investment markets
- Want to keep some of their pension savings invested so they can potentially benefit from future growth
- Live in the UK and are typically aged between 55* and 85 years, either entering or early into their retirement or looking to take or add guaranteed income later in life
- Typically have pension savings of between £100,000 and £1,000,000
Technical resources
Webinar: tax planning considerations following Labour's first Budget Tax year end planning Replacement of the lifetime allowance Retirement Income Pension Forum The Platform Clinic Pension, retirement and tax planning Pensions tax relief and annual allowances The beneficiaries flexi-access drawdown conundrum Retirement and pensions training Personal tax and trust planning training
Technical hub Retirement income Regulation, due diligence and compliance Training support
Technical matters
Technical matters
Webinar: tax planning considerations following Labour's first Budget Tax year end planning Replacement of the lifetime allowance Retirement Income Pension Forum The Platform Clinic Pension, retirement and tax planning Pensions tax relief and annual allowances The beneficiaries flexi-access drawdown conundrum Retirement and pensions training Personal tax and trust planning training
More support
Paraplanner technical hub
Paraplanner technical hub
Technical hub Retirement income Regulation, due diligence and compliance Training support
Standard Life Guaranteed Lifetime Income plan
A plan providing access to a regular, guaranteed income for life while offering flexibility alongside other money held in their drawdown account.
Introducing the Standard Life Guaranteed Lifetime Income plan
As average life expectancy has risen over time, it has become increasingly important that retirees source an adequate income to cover their needs throughout their whole retirement. As such, a guaranteed income can play a vital role within an overall retirement income plan – it can help to ensure essential day-to-day spending is covered over the course of a client’s retirement.
To address the challenge of ensuring retired clients have sufficient income over their lifetimes, Fidelity and Standard Life have come together to offer the Standard Life Guaranteed Lifetime Income plan, which is exclusively available through the Fidelity Pension. It’s specifically designed to help your clients enjoy the peace of mind that comes from having access to a guaranteed lifetime income, alongside other money invested in their Fidelity Drawdown Account.
In addition to a guaranteed lifetime income, clients can also choose a Value Protection death benefit option to potentially provide a lump sum for their loved ones when they die.
Who the plan is designed for
The plan may be the right choice if your clients:
Benefits of the plan
Advantages for advisers
- The plan is exclusively available within the Fidelity Pension and so you can easily manage a client’s overall retirement income in one place through one platform
- You can recommend the plan alongside all the other investments available as an integrated solution for clients at and through retirement
- You have access to an easy-to-use indicative quote tool on the platform, delivering estimates of what income your client might receive
- The streamlined quote-and-apply system offers you a comprehensive whole-of-market income comparison against standalone underwritten annuities
- Recommending the plan as part of your retirement proposition may help you create greater certainty for your clients
- Following the FCA’s Retirement Income Advice Review, recommending the plan could help meet some of the regulator’s key focus areas (for example, providing a guaranteed income solution so clients don’t run out of money).
Advantages for clients
- A monthly, guaranteed retirement income for life (and so helps to reduce longevity risk)
- The income is paid into the client’s Drawdown Account, allowing them to manage their income all in one place
- Any income tax liability only arises when the client withdraws income from their Drawdown Account
- Other retirement savings within the client’s Drawdown Account can be invested, which can potentially benefit from future growth
- Keeps some of the client’s retirement savings out of the market (and so helps to protect against sequencing and market risk)
- The ability to secure additional guaranteed lifetime income by taking out additional plans down the line (subject to product eligibility)
- A Value Protection death benefit option is available that potentially provides a lump sum for the client’s loved ones when they die
Two retirement experts working together
Fidelity and Standard Life have come together to exclusively offer the Standard Life Guaranteed Lifetime Income plan through Fidelity Adviser Solutions’ Pension. The plan is held within the client’s Fidelity Drawdown Account while Standard Life are responsible for the creation, administration and the performance of the plan. This is the second initiative of this strategic partnership, following the launch of the Standard Life Smoothed Return Pension Fund – a savings and decumulation option designed for clients who are seeking less short-term volatility from their pension investment as they navigate to, and through, retirement.
The Fidelity Pension is an award-winning retirement solution that has received a 5-star rating and Gold service award from Defaqto for the past five years, as well as a 5-star rating for its drawdown functionality this year. It is a compelling retirement solution for both you and your clients.
The minimum age you can normally access pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless your client has a lower protected pension age. The value of investments and the income from them can go down as well as up so your client may get back less than they invest.
Related content
Standard Life Smoothed Return Pension Fund
A new retirement savings and decumulation option designed for clients who are seeking less short-term volatility from their pension investment.
About our Pension
All the information you need on our Pension, including account opening and dealing, re-registrations & transfers and withdrawals.
Retirement income hub
A hub presenting insights and ideas on ensuring a client’s income lasts a lifetime.