Lincoln Financial Group has seen an increased demand for its’ flexible retirement products as alternatives to pension annuities for people approaching retirement. They have revealed a recent uplift in the number of enquiries for its flexible retirement product, known as Lincoln i2Live. Recent stockmarket turbulence has had a severe affect on UK pension funds and the increase in enquiries of Lincoln i2Live show that retirees are now seeing the value of retirement contracts that can offer a level of security through an income guarantee option.
Lincoln research shows that despite the fact there is growing interest in flexible retirement products 66% of retirees are not aware of the options such as variable annuities available to them. The research also shows that 42% of retirees do not understand the main risks that face them when choosing a pension annuity.
With more products being launched into the alternative retirement product space it is important that providers support advisers in their understanding of where these products fit in the market place. Lincoln have been committed to this since Lincoln i2Live’s launch in 2008 and will continue to work with independent financial advisers (IFAs) to educate them on the benefits and flexibility available through these products.
Lincoln offers customers a range of options to take them through each stage of retirement planning: a personal pension plan for consolidation, an income drawdown plan for income flexibility and an investment-linked flexible annuity to provide continuing income and investment flexibility after age 75.
Aside from what Lincoln offers there are a whole host of other pension options to consider.
