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Britannic take clarity to with profits annuity

Britannic Retirement Solutions is aiming to bring transparency to the with profits market with the introduction of the Britannic with-profits pension annuity.

The annuity will invest in the Britannic Assurance pension with profits fund and will be the 13th investment-linked annuity on the market. This product differs from other with-profits annuities in that investors will know exactly how the with-profits fund has performed and exactly what the charges are.

Charges are guaranteed not to exceed 1 per cent, which is an unusual feature for a with-profits annuity. Most annuities that invest in a with-profits fund deduct charges before paying out the return to investors, so it is difficult for them to understand exactly what charges have been taken from the investment.

Traditional with-profits annuities make it difficult for investors to find out how their investments are performing. They can only do this once bonuses have been declared, after charges have already been taken.

The Britannic with-profits annuity has the edge over similar annuities in that the level of guaranteed income will rise as long as there is investment growth, whereas other with-profits annuities provide the same level of income throughout the investor&#39s lifetime.

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