MGM Advantage’ new lifetime income annuity product has been awarded five stars. Richard Eagling, editor at well-respected Moneyfacts, said the annuity product was an “Oscar winning performance” that would take a strong and welcome position in any retirement adviser’s product portfolio. Chris Evans, current chief executive of MGM Advantage, replied that he was really thrilled to receive the award, but added that there is a growing problem in the retirement planning market as increasingly conventional annuities will no longer meet people’s changing retirement needs.
MGM Advantage’s lifetime income annuity product offers 50% - 120% of the income that would be available from a standard, conventional annuity. The Pension Protection Fund (PPF) recently revealed alarming figures which show a £15 billion deficit in the UK’s defined benefit pension arrangements and it is believed that more people will choose other available options, such as equity release plans, to fund their retirement incomes. Whatever you’re thinking of doing, buying a lifetime annuity or otherwise, take advice. It’s well worth it.