With or without overlap

This is usually only available to retirees from company pension schemes where a 5 year guarantee period and a spouse’s pension are required. Otherwise, all pensions are paid without overlap.

If the annuitant dies within the guarantee period, ‘with overlap’ means that the spouse’s pension starts immediately and is paid in addition to the remaining guarantee period pension. Without overlap means that the spouse’s pension does not start until the end of the guaranteed period.