Standard Life could launch '5 for life' product

Andy Tully, marketing technical manager at Standard Life, tells IFAonline the provider would be ready to launch a hybrid of an annuity and an income drawdown plan if the Government Actuary’s Department changes its limits on income drawdown payments. The product would give customers a guaranteed income of about 5% of their investment as in a conventional annuity but they would not lose money in periods of stock market downturn as investments in futures and options would create a buffer. The product would generate returns above 5% if investments perform better than expected. Customers woul...