Clerical Medical is opening its invested annuity product to transfers from other providers. Prev...
Clerical Medical is opening its invested annuity product to transfers from other providers.
Previously, clients could only access the contract via Clerical Medical pensions or, if they had their pension fund with another provider, by exercising their rights under the open market option.
The group is now able to take transfers from other providers' annuities into its FutureProof Secure Annuity, which launched last November.
Billy Burrows, annuities director of William Burrows Annuities, said the move is a welcome development.
'Clerical Medical has now caught up with the other life offices in being able to offer its annuities across the whole market,' he added.
'The office has an offering with competitive rates that is accessible to all annuity clients.'
The annuity has a range of income options attached including an Anticipated Growth Rate that allows annuitants to increase levels they receive by up to 5% per year.
It also adjusts payments by up to 0.5% per year, up or down, according to the mortality profile of its book of annuitants.
Overall, if annuitants are living longer than expected, payments reduce; if they live for less time, annual payouts increase.
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According to Cicero report
Adds 24 staff, three offices and £275m AUA