Risk Warnings and Important Information

All the alternatives to conventional annuities involve some investment risk. You should be aware that:

·        The value of investments can fall as well as rise.

·        Past investment performance is not a guide to future investment performance.

·        High income levels may not be sustainable.

·        Taking withdrawals may erode the capital value of your fund and result in lower income in the future.

·        The level of maximum withdrawal is reviewed every five years (one for ASP) in line with Government Actuary’s Department guidelines and this could result in the level of income you receive being reduced in the future.

·        Investment returns may be lower than those shown in the examples in this guide.

·        When (if) you eventually purchase an annuity, annuity rates may have reduced to a lower level than at present.