Axa unveils variable annuity products
Share
Axa has unveiled a new range of variable annuity products it is piloting with a small group of specialist IFAs.
Money Marketing revealed in February that Axa had revived plans to develop a variable annuity product and this month Money Marketing revealed that a pilot scheme was being launched.
The new Secure Advantage range guarantees either the return of invested capital at the end of 10 years, or lifetime income on an immediate or deferred basis. Both of these guarantee features offer annual lock-ins where investment growth can be secured for the purposes of calculating benefits.
The product offers the potential to select or construct a diversified portfolio that can include most major asset classes and investment managers and can allow wealth transfer to the next generation, with features that allow any remaining assets within the contract to pass to beneficiaries at time of death.
The product will be available under three tax wrappers including personal pension, trustee investment plan and offshore investment plan.
Axa Wealth managing director of wealth investments and distribution David Thompson says: “Not only does the new Secure Advantage range offer consumers the opportunity to benefit from the growth potential of equity exposure with guarantees to protect them against downside market risks, it also provides an excellent opportunity for financial advisers to tap into a growing market segment.
“This product offers them the opportunity to work closely with their clients to select the best combination of downside market protection and upside market opportunity to fit their needs.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
