If your client chooses a guaranteed minimum payment period, if they die during this time all payments due will continue to be paid to a beneficiary or their estate. If they choose it to last for the full plan term, then they will also have the following flexibility:
table  Fixed Term Retirement PlanCash-Out Retirement Plan Make cash withdrawals1IncludedNot included Cash in or transfer the whole of the plan2IncludedIncluded
1Your client has the option to take up to three withdrawals from the full maturity value. This can be done at any time during the term of the plan, and is subject to a minimum withdrawal of £5,000 each time. This will be subject to us deducting our administration and dealing costs and means the maturity value will be recalculated. Withdrawals are only available if they choose a guaranteed minimum payment period for the full term.
2Available at any time during the term of your plan. We’ll calculate this by giving a value to the future income payments and/or maturity due to them and deduct our administration and dealing costs. This will be affected by the underlying assets and interest rates at the time, which will go up and down.