Britannic Retirement Solutions is launching an annuity based on its existing with-profits fund, and ...
Britannic Retirement Solutions is launching an annuity based on its existing with-profits fund, and using what it claims is a completely transparent charging structure.
Bob Bullivant, corporate development director at Britannic Retirement Solutions, formerly Evergreen Retirement Assurance, said the offering improved on the opaque charging structure of the current generation of with-profits funds.
"You can't see what is going on in their calculations of mortality rates, details of charges or how they put together their calculations for smoothing and the effect on future bonuses. This means there is no way of judging the fund manager's performance."
Bullivant added that Britannic guarantees to take on board mortality risk without reducing future income payments due to the effects of people living longer than expected.
The with-profits fund guarantees charges of less than 1% for the term of the annuity and full disclosure is given on annual fund performance and smoothing allowance.
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