Axa Wealth has launched six third-way pension products that promise to deliver either guaranteed lifetime income or protected capital.
The products are called secure advantage, the first new launch since Axa sold its UK life business to Resolution and combined several businesses under the Axa Wealth umbrella earlier this year.
The range consists of two pension products, each available via one of three tax wrappers – a personal pension called retirement solution, a trustee investment plan and an offshore investment plan.
The first product is called protected capital and will allow savers to invest but with a guarantee they can get at least their initial capital back in full at the end of 10 years as long as no transfers out are made.
“There will also be the option to lock in any growth in the underlying investments on an annual basis.
The second product is called lifetime income and will guarantee a minimum income level for life based on the client’s age when income starts.
Axa Wealth says that secure advantage has been adapted to ensure that IFA feedback from the pilot launch of the product was included in the final design.
Director of strategy and business development Tom Wilkinson says: “The feedback from the pilot has dem-onstrated that the certainty of income or capital from a well known brand such as Axa is welcomed in the UK market.”