London & Colonial launches second open annuity

New Open Annuity follows Open Annuity, launched in 2002 and has a wider investment range than the original, allowing direct holdings of regulated stock market investments such as shares and gilts, as well as holdings in pooled funds. The New Open Annuity offers more flexibility than a lifetime annuity, which restricts the amount of income customers can take to between 55% and 90%. New Open Annuity gives customers an income of between 50% and 120%. Ken Wrench, chief executive of London & Colonial’s parent company Open Annuities, says: “The New Open Annuity can pay an income at 75 of up to...