Specialist annuity provider Just Retirement is to launch an advised-only investment platform to service “middle Britain” pensioners who want a mixture of guaranteed and flexible income.
The platform, due to launch in April, will allow savers to secure a guaranteed income through an annuity and leave the rest invested in a limited range of low-risk passive investments acting as a “rainy day” fund.
The platform provider and fund managers involved have not been revealed. Likewise, the restrictions and charging structure for the platform have not been announced.
Just Retirement says although the fund will be written under drawdown rules it is not intended to be a source of sustainable income.
Just Retirement director Stephen Lowe says: “It’s a combo solution aimed at Middle Britain, the people who want to mix and match.
“In order to compete in the guaranteed income market, you need to be able to respond to this kind of flexibility and respond to customers’ needs and this is what they are describing.”
In addition, the provider is extending the minimum income period on its annuity products from a maximum of ten years currently, up to 30 years.