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Living Time reduces minimum term to three years

Living Time is reducing the minimum term on its income plan from five years to three years in a bid to make the product more flexible.

The income plan pays a secure rate of income for the length of the term, then returns a guaranteed maturity amount to the client, which can be used to purchase another retirement income product.

There is no investment risk and the income can be tailored to the client subject to the maximum 120 per cent of GAD limit.

Managing director of sales and marketing Dave Harris says:
“The economic turmoil has made IFAs and clients very wary of locking for life into what 2009 has to offer, driving demand for alternatives to lifetime annuities.

“The income plan pays a secure income for any term of at least three years and to a maximum age of 75 which makes it an ideal solution for those keen to wait for the economic dust to settle and a clearer view of their own health and wealth situation.”


Whitehall reshuffle

Former Treasury Chief Secretary Yvette Cooper has replaced James Purnell as Work and Pensions Secretary after he quit the Cabinet last week. Angela Eagle has taken over as pensions minister from Rosie Winterton, who has only had the brief since October 2008, when she took over from Mike O’Brien.

Barclays accepts BlackRock offer

Barclays has today officially accepted BlackRock’s offer for its Barclays Global Investors (BGI) division.The bank’s board of directors has recommended that shareholders approve the sale, which will go to the vote in a special meeting in early August. Subject to approval, the transaction should be completed by the fourth quarter of this year, BlackRock says. […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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