Retirement Advantage annuities to be offered exclusively within drawdown
Retirement Advantage spokesperson commented: ‘We currently offer two guaranteed annuity products, a standalone annuity and an annuity which is sold within our innovative drawdown product, The Retirement Account.
‘Following the completion of the acquisition of Retirement Advantage by Canada Life, we have reviewed the product set and given Canada Life has a direct equivalent to our standalone annuity, have decided to withdraw our product from the market.
‘Going forward we will continue to offer an annuity within our drawdown product as there are significant differences between an annuity held within a drawdown wrapper and a traditional standalone annuity.
‘Our drawdown annuity will continue to be fully underwritten and offer competitive rates, a wide range of death benefits and income escalation, with additional tax advantages and flexibility.
‘We have ambitious plans to develop The Retirement Account and will update advisers as we move through the year.’