The Exchange joins fixed term annuities 'revolution'

Advisers can now use The Exchange to quote on fixed term annuities, which Living Time says gives retirees the chance to secure a guaranteed income without the lifetime lock-in of a traditional annuity. Kim Lerche-Thomsen, chief executive of Living Time, believes fixed term annuities will quickly become the mainstream income solution for the majority of people reaching retirement, as people realise their advantages in terms of cost and flexibility. He predicts lifetime annuities will be seen as a product relevant only to the later retirement years because of their inability to respond to...