Phoenix bonus rates

Tracing an unclaimed Industrial Branch policy? Protecting your identity Power of Attorney How do I contact an independent financial adviser? Can I cash in my Phoenix Life pension? Security Retirement centre Accessing my pension savings — getting started Retirement planning video Retirement checklist Guide to pension help: Where can I get pension advice?

Guide to the state pension Delaying your pension How do I apply for the state pension? State pension before 6 April The new single-tier state pension from 6 April How much will my state pension be? Pension fees and charges Current changes to pension rules History of pension rule changes in the UK What are my options? Retirement options video Interactive retirement options explained guide You can keep your pension savings where they are You can get a guaranteed income for life or a fixed term known as an annuity You can get a flexible retirement income You can take your pension savings as a number of lump sums You can take all your pension savings in one go cashing in You can choose more than one option and mix them Help with retirement options What can I expect to receive in retirement?

Annual retirement budget planner Pension lump sum tax calculator Pensions calculator What about tax? Phoenix Life announces its with-profits final bonus rates for July Back to all news. Help and support. Useful links. Legal and policies Cookie policy How we use your personal information Site map. About us. The legal owner of a bond. This may include trustees of a pension scheme.

Units that can be added to a unitised with-profits policy to increase its value. The amount of money made if an asset such as a building or company shares is sold for more than it cost the investment profit. A tax charged on the profit made by selling assets e. Everyone is allowed to make a certain level of profit each year before capital gains tax is charged.

You may qualify for Private Residence Relief on the sale of your main home. Also known as Initial Units. These can be allocated to a unit-linked or unitised with-profits policy, usually in the first one or two years. Capital units have extra charges to cover the selling and set-up costs for the policy. A type of income drawdown product that was available before 6 April It allows you to take an income directly from the pension fund while leaving the fund invested.

An option which enables you to have pension savings in a tax year which exceed the annual allowance without having to pay tax. It is only available where pension savings in one or more of the preceding three tax years were below the annual allowance. The unused allowance is carried forward into the current tax year. The amount you might get if you surrender or cancel an investment or life insurance policy.

You should think carefully before cashing in your policy. We recommend you seek independent financial advice before you do. A chargeable event will normally arise on a non-qualifying policy. For example, when you cash the policy in or if the life assured dies. This certificate is used to work out whether you need to pay any tax in excess of the basic rate.

There are a number of ways in which providers can cover the cost of managing your policy. Someone who has entered into a legal relationship a 'Civil Partnership' that is similar to marriage. A life fund is one that contains longer-term investment policies and pensions. An amount of money paid to an adviser or salesperson who advises you to buy a financial product.

Since the start of advisers cannot be paid commission if they give you advice about pensions or investments. They must charge you a fee for the advice. Commission can still be paid for advice on other products such as mortgages, general insurance or life assurance.

Compound means that interest is also charged or earned on any previous interest. This is now the key official measure of inflation. It is calculated each month by taking a sample of goods and services that a typical household might buy including food, heating, household goods and travel costs, but excluding mortgage costs. The size of the rise or fall in the index determines the rate of inflation or deflation.

A term used to describe pension policyholders who were contracted out of the State Second Pension S2P. From 6 April , this option was no longer available to members of a money purchase pension scheme, such as a personal pension. Contracting out from a defined benefits pension scheme was also ended in April A type of with-profits policy which has a sum assured or guaranteed cash sum in other words, an amount we promise to pay you, so long as you pay all the premiums due for the term of your policy.

A type of insurance policy that will pay you a fixed amount, usually as a lump sum, if you are diagnosed with one of the severe illnesses, medical conditions or injuries specified in the policy.

For example, the rules say that you cannot use reproductions of these certificates to provide evidence of birth, death, marriage or civil partnership. This is why we may ask for original certificates when you are claiming on your policy. An Act of Parliament that setsout the rules an organisation had to follow when they stored or used information about people. This act also gave a person certain rights to see information about them and to have incorrect information corrected.

Some life insurance policies are for a fixed length of time term and pay you a fixed lump sum if you die during that time. With a decreasing term policy, the amount paid out if you die reduces over the term. At the end of the term, the policy typically has no value.

A document that transfers benefits or rights from one party to another. Once signed, it becomes legally binding. The delayed payment of a pension. This is delayed until the policyholder is ready to start taking it. For income protection policies, the period after the policyholder first becomes ill or unable to work and has not recovered before any income is paid.

Pays a retirement income based on your salary and how long you have worked for your employer. Defined benefit pensions include 'final salary' and 'career average' pension schemes. Generally only available from public sector or older workplace pension schemes. Your pot is put into various types of investments, including shares shares are a stake in a company. The amount in your pension pot at retirement is based on how much has been paid in and how well the investments have performed.

Also known as 'money purchase' schemes. The process by which a mutual company one that is owned by its members becomes a publicly-traded company one that is quoted on the stock exchange and is owned by shareholders. Some guaranteed incomes can provide an ongoing income for a nominated dependant should you die. Payments you make direct from your bank account under the authority of a direct debit instruction. An investment company is required to tell you the total cost of taking out a product or policy with them.

The practice of spreading investments across different asset classes see asset class to create a balance of risk and return in an investment portfolio. Any money left in your pension pot remains invested, which may give your pension pot a chance to grow, but it could go down in value too. You may need to move into a new pension plan to do this.

Replaced flexible drawdown and capped drawdown from April , though existing users of capped drawdown can continue in that plan. A savings product that usually includes life cover. It pays you at least a fixed amount if you die before the policy matures or, at maturity, the sum assured in other words, the amount we promise to pay you, so long as you pay all the premiums due for the term of your policy plus any bonuses that may have been added over the term.

These tend to pay a higher amount of income on the basis that your life is expected to be shorter and so the income will not be paying out for as long. An option to help protect pension rights built up before 6 April from the lifetime allowance charge. The option was open until 5 April , but only to people who stopped building up additional pension rights after 5 April A way to release some of the value of your property to spend while you are alive.

It is generally only suitable for people who own their property but have little in the way of other assets or income. An 'escalating' guaranteed income or annuity increases over time to keep up with the increasing cost of goods and services, known as inflation. Your income will start at a lower level and will increase by your chosen amount each year. When a person dies, their 'estate' is everything they own except, in most circumstances, anything owned jointly with another person , less any liabilities, including their main residence, the value of any assets and most money given away by them within the seven years before the date they died.

The estate also includes all bank accounts, life insurance policies, unit trusts, individual savings accounts ISAs , but not personal pensions, unless we advise you otherwise. More information is available from HM Revenue and Customs.

For some funds, we have started to distribute the estate to eligible with-profits policyholders. A projection of what you might get back from an investment.

It is worked out based on assumed growth rates and future charges you may have to pay. This is an example amount and is not guaranteed.

The amount you actually get back may be higher or lower than the EMV, depending on the investment returns and the period invested.

The term used to refer to an administrator in Scotland i. The term used in Scotland to refer to an executor i. This is sometimes known as an annual, maturity or terminal bonus. An independent body that regulates the financial services industry within the UK.

The Financial Ombudsman Service is an independent public body that helps settle individual financial disputes between customers and businesses. For more information, visit their website at www. Financial products that promise the lender one or more fixed cash payments in the future. They may be issued by central or local Government or a company in order to raise capital.

The ability to protect pension funds built up before 6 April from a lifetime allowance charge. A way of using your pension pot to take an income directly from the pension fund while leaving the fund invested.

The income isn't guaranteed for life, but you have the flexibility to make changes to how much you take or to later switch to more secure retirement income products.

Any payment you take will be added to your income for the year and taxed in the normal way. It replaced flexible drawdown and capped drawdown from April , though existing users of capped drawdown can continue in that plan. As they replaced some state pension benefits, they were subject to special rules.

From 6 April , it was no longer possible to contract out into a money purchase pension scheme. Any protected rights which existed on 6 April became non-protected rights or former protected rights, so are no longer subject to special rules. If you are in your employer's pension scheme, you may be able to build up a bigger pension pot by paying extra amounts into a separate, independent scheme which is known as an FSAVC scheme.

Indexes showing the relative increase or decrease in the price of selected shares on the London Stock Exchange.

A fund pools together the money from many individuals and then the fund manager uses it to invest in a broad range of assets. A fund manager invests the money investors have paid into a fund in various asset types such as cash, bonds, equities and property and depending upon on the investment objective of the fund.

European Parliament and Council regulation that sets out the rules an organisation has to follow to protect EU citizens' personal data. This came into force from 25th May and replaced the Data Protection Act General insurance can include home, contents, motor, travel, unemployment and accident and sickness cover. Gilts are bonds that are issued by the British government, and they are generally considered low-risk investments.

The name originates from the original certificates, issued by the British government, which had gilded edges. The yield income on Gilts is one of the factors used to set the basis amount for capped drawdown pensions. When reviewing a capped drawdown pension, one of the factors used in calculating the maximum pension allowable is extracted from a set of tables calculated by GAD.

If it does, and you can choose to take a guaranteed income for life an annuity , you are entitled to the guaranteed rate. It is important to check whether you have a GAO and how it operates as this may give you a higher income than you can get from another provider. If it does, and you choose to take a guaranteed income for life an annuity from your pension policy, you are entitled to the guaranteed rate. It is important to check whether you have a GAR and how it operates as this may give you a higher income than you can get from another provider.

Once a bonus has been added to a with-profits policy it is guaranteed to be paid at the end of the policy, so long as all the premiums due under the policy are paid. It also refers to where bonus rates are guaranteed to be fixed or at least a minimum amount.

The minimum amount to be paid when a policyholder with a with-profits policy retires or dies, so long as all the premiums due under the policy are paid. A hybrid product that combines a guaranteed income for life with the features of a flexible retirement income product. A policy where you can invest a lump sum for a fixed term typically 3 to 5 years usually with a guaranteed minimum return.

A policy where you can invest a lump sum for a fixed term typically 3 to 5 years usually with a guaranteed income of a specified amount for the length of the term. A fixed term stock market linked investment with a built-in guarantee to return at least the original investment if held to maturity.

This offers investors the chance to share in stock market growth potential without risking their original investment. The minimum amount a policy will pay out if the policyholder dies during the term of the policy, as long as they make all the payments due. These are exclusive funds with a high minimum investment level and are generally not open to the general public.

They are unregulated and exempt from many of the rules surrounding a collective investment. This allows them to follow aggressive investment strategies that are unavailable to Financial Conduct Authority authorised funds.

While some hedge funds operate a conservative strategy, others take risky positions on market and share movement. Visit the HMRC website. Products that combine features of a guaranteed income and a flexible retirement income product to provide a retirement income. The amount you actually get back may be higher or lower than the illustration, depending on the investment returns and the period invested. If you smoke, have high blood pressure, are on prescribed medication or have a medical condition, you may be eligible for an 'enhanced' guaranteed income also known as an 'enhanced', 'lifestyle' or 'underwritten' annuity.

This type of insurance policy pays out if you're unable to work because of injury or illness. It will usually pay out until your retirement, death or your return to work.

Full details are given in the policy terms and conditions. The tax you pay on your income each tax year. The amount of tax you pay depends on the amount of money you earn and receive from your investments and savings and on your individual tax allowances. The only type of financial adviser who can choose from all the products available on the whole of the market.

An investment fund that follows a selected market index, for example the FTSE index. The value of the investment will go up and down in line with the index that it is based on.

There are no guarantees. An increase to annuity payments, pension benefits or premiums you pay, linked to a government index typically the Consumer Price Index or Retail Prices Index.

The purpose of index-linking is to attempt to protect you against rising costs as a result of inflation. You will not lose Individual Protection by making further savings in to your pension scheme, but any pension savings in excess of your protected lifetime allowance will be subject to a lifetime allowance charge.

ISAs are tax-efficient savings and investment accounts. You do not pay income tax on the interest or dividends you receive from an ISA and any profits from investments are free of Capital Gains Tax.

There are limits on the amount you can invest in ISAs in each tax year. The increase in the general level of prices of goods and services meaning that the same amount of money will buy less in the future than it does today. Also known as Capital Units. Initial units have extra charges to cover the selling and set-up costs for the policy. A financial intermediary is someone, such as an independent financial adviser, who arranges or organises a financial product or service for you.

A life assurance product that provides life cover for more than one person and pays benefits either on the first or second death. A record of the registered owner of land and of whether there are any mortgages or other restrictions affecting it. The record is held by the Land Registry. The policy will normally have some cash in value. Full details of what happens when policyholders stop paying premiums are given in the policy terms and conditions.

The simplest type of life assurance. If you die during the time you are covered, it pays out a specified sum of money. The premiums stay the same throughout the term. There is normally no cash surrender value.

If you have a policy that provides life cover, the policy will pay out a sum of money if the life assured on the policy dies.

The total amount you can save into pensions in your lifetime while still getting tax relief. If you go over the allowance you will pay a tax charge on the excess when you draw out your savings as cash or pension. If taking it as income you will also pay tax on it at your usual Income Tax rate. If you die leaving untouched pension savings that exceed the Lifetime allowance — and they have not already been assessed against it — then your nominated beneficiary will be liable for the extra tax charges on the amount that exceeds the Lifetime allowance.

This applies whether you die before or after age Pots can normally pass tax-free to nominated beneficiaries if you die before age A retirement income product that guarantees a regular income for the rest of your life. The income may stay level, be linked to inflation or rise gradually at set rates, depending on which features you choose.

Includes the option to provide for a dependant for life after you die in return for a lower income. This is a pricing index used when calculating increases to certain pensions either in payment or deferment. A savings product that always includes life assurance. It pays out a fixed amount, known as the sum assured, plus any bonuses at the end of a fixed term. It is designed to help pay off the capital of an interest only mortgage but doesn't guarantee to do so.

The amount payable if you die during the term is normally sufficient to pay off the mortgage covered. For unitised with-profits policies, we may apply a market value adjustment MVA if you decide to cash-in your policy or start taking pension benefits early, transfer it to another company or switch it from the unitised with-profits fund into another investment fund.

Full details of when an MVA may apply are given in your policy terms and conditions. The MVA is the amount by which the cash-in value is less than the fund value. It is used to help ensure that policyholders who cash in some or all of their with-profits investments before the end of their policy term do not disadvantage the policyholders remaining in the fund. MVAs are not normally applied when the policy is due to end, if you retire at your chosen retirement date or if you die during the term.

For unitised with-profits bonds, there may also be guaranteed dates where we guarantee not to apply a MVA if you cash-in your policy. Protecting your identity Power of Attorney How do I contact an independent financial adviser? Can I cash in my Phoenix Life pension? Security Retirement centre Accessing my pension savings — getting started Retirement planning video Retirement checklist Guide to pension help: Where can I get pension advice?

Guide to the state pension Delaying your pension How do I apply for the state pension? State pension before 6 April The new single-tier state pension from 6 April How much will my state pension be? Pension fees and charges Current changes to pension rules History of pension rule changes in the UK What are my options?

Retirement options video Interactive retirement options explained guide You can keep your pension savings where they are You can get a guaranteed income for life or a fixed term known as an annuity You can get a flexible retirement income You can take your pension savings as a number of lump sums You can take all your pension savings in one go cashing in You can choose more than one option and mix them Help with retirement options What can I expect to receive in retirement?

Annual retirement budget planner Pension lump sum tax calculator Pensions calculator What about tax? Back to all news. Help and support.

Useful links. Legal and policies Cookie policy How we use your personal information Site map. About us. Important legal and regulator information Phoenix Life Limited Co. Enter the name of your previous policy provider Enter the name of your previous policy provider.