Aviva looking at fixed-term annuity sector
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Last month, Money Marketing revealed LV= is looking to launch a temporary annuity to rival Living Time, which is the only provider in this sector.
Aviva head of annuity marketing Darren Dicks says: "We are reviewing this market closely. We are not doing anything immediately but it is a very interesting one. I think it is a market for more wealthy clients who have a lot more options at their disposal and may want to have some form of guarantee for five or 10 years and then decide to annuitise at 75. There is a really good market there and it is good that LV= is entering, as the more people that do something the more take-up there will be. We will be keeping a close eye on it."
Burrows & Cummins partner Billy Burrows says: "It is increasingly clear that fixed-term annuities really fit within a portfolio or cocktail of other retirement products."
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