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A new phrase, "the third way" has entered into our vocabulary. The term is being applied to pension income products that provide some of the flexibility of drawdown (unsecured pension) while at the same time providing an element of secure income found in an annuity. More specifically, the term is being used to describe drawdown plans that incorporate some type of guarantee. Most drawdown plans are regarded as higher risk investments because they are invested in equities and the value of investments will rise or fall in line with market prices. This is in contrast to annuities where the in...