Mr Lyttle, age 64, has a company pension plan through an employer. The company arranged for quotes to be issued to him. Having made contact with Simply Retirement he discovered that he could obtain a higher annuity rate by using the open market option and shopping around. Mr Lyttle wanted to provide a spouses benefit and didn’t want to ‘lock’ into the current annuity rates. He wanted a ‘temporary annuity’ provided by Liverpool Victoria (LV). This provided him with a tax free lump sum and then an income for the next 5 years. In 5 years time he has a guaranteed fund value, without investment risk, and he can decide about his annuity at that time. He may benefit from an enhanced annuity, annuity rates may have increased, or his circumstances might be different.
Mr Lyttle stated:-
‘Your annuity adviser was particularly helpful in keeping me informed at all times.’