Retirement Control offers your client two plans that work together to build up a fund that they can then take a flexible income from in their retirement years. The table below lets you compare the features of the two plans. You can find more detailed technical information in the Retirement Control adviser guide.
| Product type | Phased plan (PRP) | Unsecured pension (USP) | |
|---|---|---|---|
| Product name | Phased Retirement Plan | Retirement Cash Account | |
| Minimum age | 18 | 50 (rising to 55 from 6 April 2010) | |
| Maximum age | 74 | 74 | |
| Selected retirement age | Between 50 (rising to 55 from 6 April 2010) and 75 |
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| Permitted payments | Transfers and single contributions | Transfers only | |
| Minimum initial payment | £50,000 | £50,000 | |
| Minimum additional payment | £499 | £499 | |
| Method of payment into plan | Cheque or BACS | Cheque or BACS | |
| Protected rights transfers | Yes | Yes (including USP to USP transfers) | |
| Waiver of contributions | Yes – see the Retirement Control adviser guide for more information | No | |
| Allocation rate | 100% | 100% | |
| Base annual management charge (AMC) | 0.5% assuming nil commission The examples on the following pages show how the AMC increases if you take commission. For certain funds there'll be additional charges/expenses. Your client’s personal illustration will have full details for their chosen fund(s) |
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| Investment choice | Insured and self-invested | ||
| Insured funds | Over 150 funds available | ||
| Self-invested |
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| Switches between insured funds | 20 switches free of charge each year | ||
| Minimum left in insured fund | If using the self-invested element, £35,000 must remain within insured funds | ||
| Self-investment charge | See our SIPP Self-investment charges brochure for more information | ||