The product
A retirement income product built around the needs of today's retirees — guaranteed, flexible, and designed to work within your existing pension scheme.
What it does
Guaranteed income for life
Withdraw a contractually-agreed income from your savings, guaranteed to last for the rest of your life — however long that is.
Freedom when you need it
Spend beyond your contracted income if you need to. Additional withdrawals reduce your future income proportionally, but the choice is always yours.
A legacy for your family
Any remaining savings pass to your beneficiaries when you die, as set out in your will. Your life's savings don't simply disappear.
Stay in your existing scheme
Your funds remain in the Pension Master Trust that you already use and are familiar with. No disruptive transfers required.
Questions & answers
How is this different from a life annuity?
With a traditional life annuity your funds move to an insurance company, which pays you a fixed monthly income until death. There is typically nothing left for your family, and you cannot access a lump sum once the annuity is in place.
With the GLI you receive the same lifetime income guarantee, but your funds remain invested. If markets perform well you may have more funds at death than you do today — that balance passes to your beneficiaries. And you can always take a lump sum withdrawal if you need one; your contracted income simply adjusts downward in proportion to the amount withdrawn.
What if my investments perform badly?
Even if your GLI account falls all the way to zero, your income does not stop. It continues at the same contracted level for the rest of your life. The guarantee is unconditional.
What if I need extra money for some reason?
You may take an Excess Withdrawal of any amount, up to your entire remaining balance. An Excess Withdrawal of 10% of your remaining balance will reduce your contracted monthly income by 10% going forward. The flexibility is always available when you need it.
Can my spouse be included?
Yes — just as with a traditional life annuity, you can include your spouse in the GLI so that the income continues for both of your lifetimes.
Get in touch with the Goldbach team to discuss the GLI in more detail.
info@goldbachins.com