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Living Time plans drawnup to meet primary advice

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.”


FSA confirm Faifs introduction

The Financial Services Authority (FSA) has confirmed the introduction of retail-orientated Fund of Alternative Investment Funds (Faifs) into its regulatory regime.The move comes as the regulator is set for further consultation on the responses given by fund managers and other parties. This is set to close on 22 May 2008 with finalised rules coming out […]

Standard Life reinsures £6.7bn annuity book

Standard Life has reinsured £6.7bn of UK immediate annuity liabilities to Canada Life International Re.The back-book consists primarily of pension customers who took out an annuity product with the life office on retirement.Standard conducted a comprehensive review of the options to manage longevity exposure within its annuity book. The review concluded that the best return […]


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