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Scottish Widows Pension with GAR
Comments
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I have never come across a policy with a GAR which stipulated no lump sum in order to qualify. But best to double-check. I take it there were no quotes for full lump sum in your retirement pack? That's what you should ask for if you haven't already.0
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Note also that the 11% GAR is almost certainly for a single life only (i.e. nothing for spouse should you have one and die before him/her). It might also have to be paid annually in arrears. Still a great deal in today's climate for most people but worth bearing in mind.
Some policies allow you to water down the GAR by adding a spouse's pension, or monthly payments in advance, but still get much better rates than the open market. Others give you a strict and small set of options needed to qualify.0
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