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IFAs get go-ahead to sell Living Time plan

Sesame, Money Portal, Openwork and Bankhall have reclassified Living Time’s ann- uity product to allow all their advisers to sell it.

Living Time sales and marketing director Dave Harris says many adviser firms have mistakenly categorised the annuity as a third-way product which would mean that only advisers with specialist qualifications can sell it due to its complexity.

The product is an investment within a drawdown plan which provides guaranteed income payments for a set number of years or until the client reaches age 75.

The guaranteed maturity payout can then be reinves- ted in a drawdown plan or an annuity.

Harris says the product is written under unsecured pension rules, so many adviser firms assumed it did not have a capital guarantee.

Many firms have now reclassified the product, allowing all their advisers to sell it.

Harris says: “We are not like variable annuity products. It is not as complex and there is no investment risk. We are not the third way, we are the new way.”

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