CGU is launching a with profit annuity aimed at pensioners looking to make the most of their pension funds.
The with-profits annuity will provide a viable alternative to traditional annuity schemes which have suffered from falling returns in recent years.
The new annuity is available to funds with a minimum of £15,000 and will allow clients to withdraw up to 5 per cent a year from their final pension pot. The remaining fund is left to grow through the addition of annual reversionary bonuses.
Initial commission is 1 per cent plus uplift.