London & Colonial launches 'cash-out' annuity

The firm said it would give retirees the opportunity to fully take advantage of pension freedoms announced by the Treasury when they come into effect in April 2015. L&C head of product and business development Adam Wrench said the Flexible ‘cash out' annuity was an alternative to its established drawdown product. He said: "Clients will face a simple choice as to which contract will be most cost effective for them to use in order to access the new freedoms according to their circumstances." The provider said the contract would assist savers who may face exit penalties on old pension...