Manage your Retirement Income Annuity and AVCs

A Retirement Income Annuity is a financial product that guarantees you a regular income for the rest of your life, in the same way that your previous scheme did. This policy will provide your pension. The amount of income and the way it’s been calculated hasn’t changed - it simply means that it will now be paid by us rather than by your previous scheme.

For more information, read our article on annuities.

You’ve been sent a Retirement Income Annuity welcome pack following a buyout of your previous pension scheme from Royal London. Your welcome pack is made up of your welcome letter and your individual policy document.

A pension buyout takes place when the trustees of a pension scheme transfer
responsibility for paying members pension benefits to an insurer, like us.

The trustees of the scheme pay the insurer a one-off fee, which means the insurer becomes legally responsible for paying the scheme member’s pension.

There’s nothing urgent that you need to do. Your annuity is already set up with us, and we’ll contact you if we need anything and you’ll receive regular updates and statements from us going forward. But there’s a few things you can do now that you’re with us:

• Check your welcome pack to make sure your details are correct.
• If you need to update your details, just give us a call.