Traditional Annuity
A traditional annuity has no element of investment and for this reason, it is sometimes referred to as a 'non-profit' annuity.
It will pay a guaranteed income to you for as long as you live.
At outset, you can choose to have a level or indexed annuity income.
In the event of your death, you can also include a survivor's pension and/or a 5 or 10-year guaranteed minimum payment period.
Once a traditional annuity has started, it is not possible to change the basis upon which it was set-up.
