Living Time says its retirement product has been designed with the retail dis-tribution review in mind and could be sold under primary advice if the proposals are implemented.
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 the age of 75, after which the guaran-teed maturity payout can be used to buy a drawdown or annuity plan.
Chief executive Kim Lerche- Thomsen says: “Our products have been designed to fall under primary advice and are very straightforward. Full-fat drawdown products could not possibly come under primary advice because they are far too complicated but ours could.”
Informed Choice joint managing director Nick Bamford says: “I do not think at-retirement products will be in the realm of primary advice. It is stretching the imag-ination too far. I am concerned about the process lead- ing up to the execution of the product sale because at-retirement products are complicated and there are lots of options to choose from. Primary advisers probably will not be able to provide that level of detailed advice.”