After the closure of its first Open Annuity product pre A-Day, London & Colonial has developed a post A-Day version that aims to deliver the same flexibility to customers. Ken Wrench tells Helen Morrissey about the product
Tell me about the open annuity? The main audience for the open annuity is those who wish to retain control of their retirement funds. They have controlled their finances extremely well all their lives and they do not see why they should give that up just because they have purchased an annuity. The open annuity enables people to remain fully self invested during the decumulation phase of retirement. Maintaining this level of flexibility was the major challenge for us as we developed the open annuity. The second requirement centred around meeting people's varying requirements for income...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
