If you want a fixed income without locking into an annuity

A Fixed Term Annuity is an investment free way of keeping your retirement income options open. You select the term (generally 5 years and up) and income you need and at the end of the chosen term the fixed term annuity provides a Guaranteed Maturity Amount (GMA) to secure the most appropriate pension annuity to you at that time.

fixed term annuity v guaranteed annuity

The risk with fixed term annuities is that annuity rates can go up or down during the term but a fixed term annuity allows you to take into account any changes to you and/or your spouse (in particular health changes) and avoids you having to make one final decision at the start of your retirement.

choices at retirement