View more on these topics

Hodge Lifetime launches annuity

Equity release provider Hodge Lifetime has launched a guaranteed annuity product.

The firm’s annuity will be available through online portal Annuity Marketing Services. Applications and quotations will be available online, with quoted rates guaranteed for 14 days.

The minimum age for the product is 50 years and the minimum amount is £10,000 rising to a maximum pension pot of £100,000. Up to three funds can be combined for the purchase providing the total meets the fund requirements.

Hodge Lifetime is using Xafinity Paymaster systems for new open market option business, which it says will guarantee fast and safe open market option transfers from all pension funds.

Managing director Jon King says: “The launch of our new guaranteed pension annuity is the first product outside of our equity release offering to encapsulate Hodge Lifetime’s commitment to intermediaries and consumers in the retirement market, with clear and open product presentation, competitive rates, efficient application process and fast and secure administration. Through its simple product structure, our new guaranteed pension annuity will allow consumers to use the open market option when they may not have previously considered doing so.”

Annuity Direct director Stuart Bayliss welcomed the new product.
He says: “Hodge Lifetime is the first small provider to enter this marketplace since open market options were introduced 30 years ago. Their use of technology takes them to the forefront of efficiency and service and they are clearly committed to quality of service and achieving ongoing improvements as they become available”.

Recommended

Early start on ethical standards

The FSA says that a staggered implementation of some of the RDR proposals could be appropriate and says certain measures could be implemented as early as mid-2009. It says advisers should put in place “at least the ethical and behavioural professional standards” required as early as possible, even if it takes longer for the qualifications to be attained.

On reflection

More than 300 guests gathered for the ninth Aifa annual dinner last week to reflect on the year gone by – and what a tumultuous year it has been.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment