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GE Life goes through a phase

GE LIFE

PHASED DRAWDOWN PLAN

Type:
Income drawdown plan

Minimum investment:
Lump sum £150,000

Investment choice:
Choice of 41 unit-linked funds from GE Life and external managers, discretionary pension portfolio via Cazenove, Morgan Stanley Quilter, Rathbones and Tilney, simplified Sipp and Sipp options

Allocation rate:
100%

Charges:
Unit linked funds &#45annual 0.36%-1.65% depending on fund, discretionary pension portfolio &#45 unit-linked charges apply plus self-invested option annual 1.2%-1.4% depending on fund manager and fund size, additional charges for investments above £500,000, simplified Sipp option &#45 unit-linked charges apply plus annual £100, additional 0.2% a year if investment in self-invested element is less than £100,00, Sipp option &#45 unit-linked charges apply, initial £290, annual £490, discounts available depending on fund size

Commission:
Initial up to 6%, fund-based renewal up to 1% a year, Sipp and discretionary pension portfolio subject to negotiation

Tel: 0800 1691111

GE Life&#39s phased drawdown plan is designed for people who need income but not a lump sum and who want to defer annuity purchase.

It has four investment options &#45 a unit-linked investment option which provides access to 41 funds managed by GE Life and external fund managers, a discretionary pension portfolio option which provides tailored portfolios through links with Cazenove, Morgan Stanley Quilter, Rathbones and Tilney, a simplied Sipp and a full Sipp option.

After leafing through the product literature, there is nothing that Bates Investment Services pension technical supervisor Sophie Deal dislikes about the product. She says: “The wide range of funds and investment options make it easy to adapt the product to suit clients&#39 requirements. Adviser remuneration is flexible and the literatre has excellent illustrations. The key features document makes it easy for advisers to explain to clients.”

When asked to consider which companies are likely to provide the main competition Deal says: “Other phased plans such as Winterthur Life&#39s &#45 particularly as it has an extremely flexible contract. But I generally consider GE Life to be one of the leading providers.”

BROKER RATINGS:

Suitability to market: Good

Flexibility: Good

Charges: Average

Adviser remuneration: Good

Overall 8/10

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