Traditional pension annuities a thing of the past?
Some people in the industry, like Lincoln Retirement Income, believe that traditional pension annuities, with their limited choices and inflexible rules, will become a thing of the past. Today’s clients demand and deserve a much more flexible solution, to let them enjoy their retirement in their own time and on their own terms.
A new plan has been launched to reflect this, the Lincoln i2Live plan. It is a flexible retirement plan that provides with: a unique Income Guarantee Option; investment choice, regardless of age and taking an income; flexible death benefits for dependants; the opportunity to select and vary income; and consolidate pension assets all in one plan to create an overall income strategy (currently excluding Protected Rights).
There are phased retirement options, and one annual statement for all aspects of their Lincoln i2 Live income plan. They claim it is one plan with many options.
Lincoln i2Live combines three retirement planning products in one arrangement. Depending on their needs and circumstances, clients can select an individual product or allocate funds between them at no additional cost, offering control over their financial future; known as:
i2Live Accumulator®: personal pension
i2Live Drawdown®: income drawdown
i2Live Annuity®: flexible unit-linked annuity
Another insurance company coming in with a flexible annuity product. What we really need is a major UK insurer to get their product launched to stimulate interest in the domestic market.