Origen blends annuity with asset-backed plans
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Origen is working on a retirement income proposition that combines a conventional or enhanced annuity with more flexible asset-backed products.
It would allow clients to lock in a guaranteed income through a conventional or enhanced annuity to cover core expenses, then use other pension savings to buy an asset-backed annuity, third-way product or income-drawdown plan or a combination of these. This income would be earmarked for more luxury expenses. The proposition should launch this year.
Head of retirement strategy Rob Tinsley says: “There is inc-reasing innovation in the products for large funds that partly serve to address longevity but no one product is likely to provide the complete solution.
“We are developing a blen-ded approach. Our aim is to combine the benefits of guaranteed income from conventional and impaired annuities with the flexibility and potential inflation-proofing that asset-backed annuities, third-way products and USP can bring.”
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