Britannic Assurance is setting a minimum withdrawal level on the immediate income facility the group...
Britannic Assurance is setting a minimum withdrawal level on the immediate income facility the group is to add to its with-profits bond later this autumn, writes Leo Bland
Investors wishing to make withdrawals must take out a minimum of £100 regardless of the withdrawal option chosen. Britannic is to offer a monthly, quarterly and annual facility as well as an option which will pay out three times a year
This option is designed to cover expenses such as school fees. The immediate income facility is set to be introduced at the end of October or beginning of November. There will be no charge for using the facility
The Britannic with-profits bond offers a full income facility only after the product has been held for five years. For those looking to make withdrawals after holding the product for less than five years, one withdrawal is currently allowed per policy year. Britannic is making the move to increase the product's competitiveness in the IFA market. It added that IFAs would tend to bring in larger sums per client which would make offering an immediate income facility more viable
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