Living Annuity Plan: Benefits

The Living Annuity Plan is a single premium retirement savings policy equal in value to an individual Annuity Fund for each annuitant which comprises of an individual portfolio of bonds, shares and bank deposits. Each Annuity Fund is managed by an Investment Manager who may be appointed by the client but who must be approved by Nordben.

On retirement, a pension determined by Nordben in accordance with the terms indicated in the Policy will be debited to the Annuity Fund. If the value of the Annuity Fund reduces to zero then all benefits will cease, no further benefits will be payable and the Policy cancelled.

Benefits can be flexible but should appropriate to the value of the Fund. They are reviewed during the term of the Plan.

The Living Annuity Plan is available in two versions, one which can be surrendered and one which cannot.

The benefits may include one or all of the following:

• Retirement Pension
• Survivor’s Pension
• Children’s Pension
• Lump Sum on Death

The value of the Living Annuity Plan is not guaranteed and so the value of the Plan can go up or down over time.