Annuities: Unit Linked Annuity


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Unit Linked Annuities

A unit linked annuity is similar to a with profit annuity in that the initial and future income levels are dependent upon the performance of the underlying fund but differs because it is invested in unit linked funds instead of a with profits fund.

The investor assumes a future rate of growth, the higher this is the greater the initial income but if the actual growth is less than the assumed rate, then the income will decrease.

Advantages
• Provides income for life and the option for your spouse to continue to receive income on your death whilst having the advantage of investing in the stock market.
• Provides the potential of a growing income.

Disadvantages
• The initial selected income level is not guaranteed because it is subject to investment returns.
• Death benefit options must be selected at outset and will result in lower initial income. Once selected these benefits cannot be altered if personal circumstances change.

Suitability
This type of annuity suits individuals with a medium attitude to investment risk. It would be appropriate for someone who is willing to accept a degree of risk in the expectation that their income will rise in the future.

Also suitable for individuals who have relatively small pension funds e.g. an Additional Voluntary Contributions Fund, that may utilise a with profits annuity to ‘top up’ their main source of income.

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