With interest rates likely to remain low over the coming years, the ability to achieve a 5% yield on high quality companies is highly enticing. That’s especially the case when the prospects for a number of those stocks are upbeat and also because their future dividend growth could easily beat inflation.

Positive outlook

For example, Standard Life (LSE: SL) currently yields 5.4% and with the asset manager having a strong track record of increasing dividends per share, the outlook for future dividend growth is very positive. Shareholder payouts have risen by around 7.3% per annum during the last five years, which is considerably higher than the rate of inflation during that time. And with dividends being covered 1.4 times by profit, there’s clear scope for further rises moving forward.

In fact, Standard Life’s bottom line is expected to increase by 9% in 2017 and this should allow it to raise dividends by around 7.7%. This could act as a positive catalyst on the company’s share price and allow it to reverse the 35% fall over the last year. With Standard Life trading on a price-to-earnings growth (PEG) ratio of 1.3, it seems to offer excellent value for money, too.

Sweet pick

Also having a yield above 5% is Tate & Lyle (LSE: TATE). Although the last few years have been challenging for the business due to a variety of factors, including commodity pricing pressure and increased competition for the company’s products, it’s expected to turn things around in 2017 and 2018. In fact, its bottom line is forecast to rise by 10% in the next financial year, and by a further 5% in the year following that.

This turnaround could act as a positive catalyst not only on Tate & Lyle’s share price, but also on its dividend payments. With the company’s shareholder payouts being covered 1.3 times by profit, there’s scope to increase dividends at a similar pace to profit growth over the medium-to-long term. While further challenges could lie ahead, Tate & Lyle now seems to have a better organised supply chain through which to move forward, while its price-to-earnings (P/E) ratio of 15.3 indicates that there remains substantial upward rerating potential.

Non-cyclical star

Meanwhile, GlaxoSmithKline (LSE: GSK) continues to be one of the highest yielding shares in the FTSE 100. Its yield stands at 5.7% and while dividend growth is expected to be lacking over the next couple of years, GlaxoSmithKline has the potential to raise dividends at a rapid rate over the long term.

A key reason for that is the changes the company is making to its business model. It’s seeking to drive through over £1bn in cost savings in the next few years and this could help to improve profitability. Furthermore, GlaxoSmithKline’s dividend growth should be positively impacted by its impressive and diversified pipeline of new drugs that have the potential to reinvigorate its bottom line following a period of rather lacklustre growth.

As well as a top-notch yield and upbeat dividend growth prospects, GlaxoSmithKline remains a relatively defensive option. It has a beta of 0.9, which indicates that its shares should be less volatile than the wider index, while its lack of cyclicality means that its shares could rise even if the macroeconomic outlook remains uncertain.

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Peter Stephens owns shares of GlaxoSmithKline, Standard Life, and Tate & Lyle. The Motley Fool UK has recommended GlaxoSmithKline. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.