Living time for life after work
Our latest video
Our latest video
More and more IFAs are now considering Fixed Term Annuities when they are advising clients who are looking to secure a retirement income. But what are the core advantages and risks of this alternative approach to traditional retirement solutions? Watch our latest video to find out more:
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Steve Martell |
Steve Martell is National Sales Manager at Living Time. He has held a number of senior management roles and joined us from The Hartford where he was one of the driving forces behind their rapid growth in sales as Development Director. Previously Steve was a Regional Sales Manager for both Prudential and Scottish Mutual. Prior to moving into sales management roles, Steve was a very successful Broker Consultant for over a decade with two of the UK's leading providers. |
Adviser Guide (hover)
- Click the icon below to download our Adviser Guide to Living Time Plans.
What are the risks?
- Future income
Annuity rates may be lower in the future.
The income that the Guaranteed Maturity Amount (GMA) can buy at the maturity date is not guaranteed. It may be higher or lower than the amount a Lifetime Annuity would pay if purchased now.
The higher the income level the client selects at the outset of their Plan, the lower the Guaranteed Maturity Amount at the end of the Plan term, which in turn will reduce the future level of income the client can obtain. - Death benefits
If the client does not select at least one of the death benefit options under the Plan and they die during its term, no further Plan benefits will be paid, i.e. their remaining pension fund will be lost. - Income levels
The client's chosen income may be restricted throughout the term of their Plan by limits set by the Government Actuary's Department (GAD). Any income that cannot be paid because of a restriction will be added to the GMA, plus interest at a gilt rate determined by Alico. - Inflation
Inflation will reduce what the client can buy with their income in the future. - No withdrawal or changes
Once we have received the client's application for a Living Time Income Plan they will have 30 days to change their mind. After that, their funds cannot be moved or their benefits changed until the end of their chosen term.