Living Time to launch new retirement products

Living Time will launch new retirement products in the first quarter of this year following its split from MetLife.

In January last year Money Marketing revealed that MetLife had reached a deal with Living Time to distribute its fixed-term annuity product in the UK.

Living Time chief executive Kim Lerche-Thomsen says the firm is negotiating with several companies who could potentially underwrite the new products.

He says: “We always new we were going to split from MetLife in the first quarter of 2012.

“We are going to come back with some new products. They will offer a range of options to customers and we believe they will take the market forward significantly.

“There will be features of the product that are like a fixed-term annuity but it will be very different to what is in the market at the moment.

“We are backing this ourselves at the moment but we are in discussions with a number of partners who will be involved in the project.”