Helen Morrissey assesses the prospects for the fixed term annuity market
The fixed term annuity has, up until now, played a relatively small part in the at-retirement marketplace. Until recently only one provider operated in this area, but the recent entrance of LV=’s Protected Retirement Plan product looks set to bring more focus on this market going forward. Fixed term annuities enable clients to take out an annuity for a fixed length of time, say 10 years, during which time they can draw a guaranteed rate of income. The client is locked into the terms of the annuity during this time but at the end of the period they are able to redeem the full maturity val...
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