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Frequently asked questions

Here are some of the FAQs on our Retirement Plan

How can I set up a VitalityInvest Retirement Plan?

You'll need to have a financial adviser registered to do business with Vitality. You must also be:

  • Aged 18 or over
  • A UK resident that's someone who spends 183 days or more in the UK in the tax year
  • A 'relevant United Kingdom (UK) individual'. That's someone who:
  • Has relevant UK earnings subject to income tax for that year
  • Is resident in the UK at some time during that year
  • Was resident in the UK at some point during the five tax years immediately before that year, and when they became a member of the pension scheme, or
  • Has general earnings from overseas Crown employment subject to UK tax in that tax year.

If you're a non-earner, the maximum you can pay into a pension fund in one year is currently £3,600 gross - that's £2,880 contribution with £720 tax relief.

What happens to my Retirement Plan if I die?

The value of your plan will be paid to your beneficiaries. To determine who these are, we’ll take account of your circumstances when you die, and anyone you’ve said you want your money to go to. Your beneficiaries will then have these options:

  • To take all or part of the amount as a lump sum
  • To take a flexible income
  • To purchase a lifetime annuity

If you’re aged under 75 when you die, the lump sum and/or income payments to your beneficiaries will be tax-free. If you’re 75 or over when you die, your beneficiaries will pay income tax on any lump sums or income they receive.

Can I change the funds?

Yes, any time you like. Just contact your financial adviser to discuss your plan and the funds it’s linked to or log in through the Member Zone.

Where to get more information?

To help you reach a decision on what you’d like to do next, we recommend you consider the following sources:

UK Government guidance: They offer free and impartial guidance to help you understand your retirement options. Visit Pension Wise or call 0800 138 3944 to book an appointment. Alternatively, go into your local Citizens Advice Bureau for information on Pension Wise and how to book an appointment.

You can also call organisations like the Pensions Advisory Service on 0300 123 1047 or the Money Advice Service on 0800 138 7777, who produce a guide called Your Pension: It’s Time to Choose. You may find this guide helpful and we recommend you read it before making a decision.