Popular Frequently Asked Questions

See all of our FAQ help points

What does LifePlan mean by inflation?

This is how much you estimate or expect the cost of living to increase by each year. You can use a Government index e.g. Consumer Price Index or you can choose your own value.  LifePlan will show you the future values of your assets and incomes after the effect of the general inflation rate you have selected. This will help you assess future values in today’s terms.

What if I want to change one or more of my assumptions?

You may change the general assumptions or a specific assumption at any time and LifePlan will immediately re-calculate all affected values going forward.

I have an investment that is not specified in any of the Lifeplan questions.

If this investment generates taxable income, enter these details as a Personal Investment in the Assets and Investments  section. If this investment generates tax-free income, enter these details in the ISA/other tax-free  investment section within Assets and Investments.

What do you mean by Desired Annual Income?

Desired Annual Income is the level of income you would like to receive in your retirement after you have paid for any mortgage, loans, debts and tax.

What does LifePlan mean by Private Pension Plan?

A Private Pension plan means any pension plan where you have accumulated a fund that will be used in the future to provide an annuity or an income drawdown arrangement e.g. a Personal Pension Plan (Individual or Group), a Stakeholder Pension Plan (Individual or Group), a Defined Contribution (Money Purchase) Occupational Pension Scheme, a S32 Buy Out Plan.