Living Time has rebranded as Primetime Retirement and linked with Investec to launch a new fixed-term annuity product.
The new product, which is due to come to market at the end of the first quarter, will be available through the firm’s own Sipp wrapper.
Investec will provide a structured deposit product to support the fixed-term annuity. Prime Time expects to have between three and five versions of the product available when it launches.
Primetime chief executive Kim Lerche-Thomsen says: “Instead of being an insured product, our fixed-term annuity is going to be issued under a Sipp wrapper. Investec will provide a structured deposit product which means the benefits are guaranteed under the FSCS.
“The products will have a fixed term income as before, they will have a guaranteed maturity amount as before, they will have equal to or better death benefits than the previous Living Time product and there will also be an additional ability to leave early in the case of ill health or lifetime events, such as a spouse dying. As well as a guaranteed maturity amount there will also be additional potential for investment returns.”