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GE offering annuity cash guarantee

GE Life is offering 100 compensation to clients who do not get their tax-free annuity cash payment promptly.

Last December, the firm increased its annuity quotation guarantee period from 14 days to 30 days in an all-out assault on the annuity market.

The guarantee to pay tax-free cash within seven working days or compensate the client runs from the date that GE Life gets all relevant documents from providers.

The guarantee will initially have a six-month run and the group will then review whether to continue it. The firm may extend the guarantee to inc-lude quotation delivery to IFAs.

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

Chinn says: “This focuses attention on our service and our commitment to that. We are looking at other areas of our service proposition to see where else we can extend this offer.”

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