Helen Morrissey talks to Nigel Orange about how the recently introduced Guaranteed Retirement Plan will add another dimension to people's financial planning
Tell me about the Guaranteed Retirement Plan? The Guaranteed Retirement Plan has been marketed as a defined benefit personal pension but in essence it is a deferred annuity. The client pays in a premium – this can either be an individual contribution or else it can be a transfer from another pension. Then at a specified time the client is able to draw a guaranteed income from the product. At this point we aren’t able to accept protected rights money and the income received will be on a single life, level basis that is paid monthly in advance. The minimum premium is £5,000 and it can be used...
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