LV= launches 'third way' fixed-term annuity

The product has been designed for retirees who want a secure fixed income for a limited time, before making a decision on their lifetime retirement income options, LV= says. The Protected Retirement Plan (PRP) offers fixed terms of between three and 25 years, falling to 20 years after 6 April 2010. Retirees will receive a fixed income, subject to GAD limits, with a guaranteed maturity value, which they can then re-invest in a lifetime annuity at a later date. Income options are flexible and the plan uses unsecured pension rules to offer flexibility for investors. LV= has also launc...