Life Trust says it has raised £25 million of capital which it will be using to launch a range of products to meet the needs of increasing longevity.
The funding is provided by JP Morgan, Royal Bank of Scotland and the D.E. Shaw group.
Life Trust intends to launch its first product later this year, following approval from the regulators.
Life Trust will be using the financial backing to launch a suite of products which will address the issue of longevity, helping future customers meet the growing financial needs of living longer.
The company says it believes the dramatic rise in longevity, combined with improving health and fitness levels, will ensure longer, healthier retirement for the majority of the UK’s population.
Life Trust chief executive Andy Briscoe says: “Life Trust will address one of the key issues facing everyone today: how to finance a longer life. We will be introducing products which are genuinely innovative and which also complement the orthodox methods of saving for one’s future.”
Life Trust chairman Roger Davis says: “We believe that the nature of the products in the company’s pipeline are going to allow Life Trust to make a real impact in the marketplace. We want to give people more options to choose from when considering saving for their futures.”