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Ge life in drawdown cash offer

GE Life is offering £100 compensation to clients who do not get their tax-free cash payments on income-drawdown policies promptly.

The group is keen to push its service as a differentiating factor and the offer applies to all fully insured drawdown applications received by June 1. The offer does not apply to annuities, as was previously reported in Money Marketing.

The guarantee to pay tax-free cash within seven working days or compensate the client runs from the date that GE Life receives all relevant documents. It will initially have a six-month run and the group will then review whether to continue it.

Drawdown product manager Ray Chinn says tax-free cash is key to clients’ retirement planning.

GE Life says it could extend the service guarantee to include quotation delivery to IFAs.

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