There is a new type of hybrid or combination plan that allows you to secure a level of guaranteed income as well as having some flexibility to change your income if your circumstances change in the future.
This new plan is available to people in good health as well as those who have a medical condition or a lifestyle that qualifies them for a higher guaranteed income than normal.
The new hybrid plans, so called because they are a combination of annuity and drawdown policies, have a number of advantages compared to investing in a single retirement income policy. These advantages include:
- Providing the right amount of guaranteed income to pay for essential outgoings
- Allowing you to increase or decrease your income to suit your circumstances
- Giving you the option to leave part of your pension pot to your family
- Delivering security and peace of mind
- the security of a guaranteed income
- the peace of mind that you still have flexibility