Archive for February, 2010

fixed-term annuity – LV Launches new product

Posted on Thursday, February 18th, 2010 in Fixed Term Annuity

LV= has entered the fixed-term annuity market with the launch of its Protected Retirement Plan.

The product has been designed for retirees who want a secure fixed income for a limited time, before making a decision on their lifetime retirement income options, LV= says.

The Protected Retirement Plan (PRP) offers fixed terms of between three and 25 years, falling to 20 years after 6 April 2010.

Retirees will receive a fixed income, subject to GAD limits, with a guaranteed maturity value, which they can then re-invest in a lifetime annuity at a later date. Income options are flexible and the plan uses unsecured pension rules to offer flexibility for investors.

LV= has also launched a trustee investment plan, which combines the PRP’s guarantees with the investment options available in a SIPP.

The product suits healthy lives that may become enhanced at a later date. In simple terms you buy a fixed term annuity with a guaranteed maturity fund and a fixed term. At the end of the fixed term you can then either annuitise fully or purchased another fixed term annuity.

Tweet This Post

This is filed under: Fixed Term Annuity
Added on Feb 18, 2010 by admin | Comments 0

New National Employment Savings Trust

Posted on Saturday, February 6th, 2010 in National Employment Savings Trust

The scheme will be focused on low-to-moderate earners who don’t currently participate in a workplace pension scheme, with an annual contribution limit of £3,600 at 2005 levels.Employers can use NEST (National Employment Savings Trust) in different ways, but in most cases there will be headroom under the limit for employers and/or members to contribute more than the minimum and to structure their contributions in different ways.For example:

• where an employer makes contributions on the minimum band of earnings required by the Pensions Act 2008, an 8 per cent contribution for an average earner (approx £25,100) would be approximately £1,600 per annum
• alternatively, an employer might choose to make contributions on a broader band of earnings, for example by basing them on the first pound of pay. In this case an 8 per cent contribution for an average earner (approx £25,100) would be approximately £2,000 per annum

Transfers in and out of the scheme are banned (except in some special circumstances, such as annuity purchase at retirement).

The scheme provides a portable and flexible option for members who change jobs frequently (where their different employers choose NEST to meet their auto-enrolment duties).

The scheme will be open to any employer of any size or sector that wishes to use it to fulfil their auto-enrolment duties.

Tweet This Post

This is filed under: National Employment Savings Trust
Added on Feb 06, 2010 by admin | Comments 0

• Get Annuity Quotes

  Fund Size (£)*

  Title* --select--MrMrsMissMsDr

  First Name*

  Surname*

  Postcode*

  Date of Birth*

  Telephone*

  Email*

  Do you smoke?*  Yes No

  Do you take medication?*  Yes No

  
• Facebook Twitter Rss

• Latest Annuities News

  Consumer groups warn payday loan practices unlikely to improve under new regulations

  Recent rule changes to the lending practices of payday loan companies are unlikely to give better protection to borrowers. The Finance and Leasing Association (FLA), announced it had updated the code of practise for payday loan firms.  Following pressure from consumer groups and the Government the FLA have introduced a new rule that states that [...]

  Proposed public sector pension changes will save taxpayers little

  A report from the economic think tank, the Institute for Fiscal Studies (IFS), states that the proposed Government changes for public sector pensions will make ‘little or no difference’ to the long-term cost. The IFS’ report refers to the latest round of pension negotiations, but does say that the previous decision to change the inflation [...]

  NS&I cuts rate on Direct Saver account

  The Direct Saver accounts from the Government run National Savings and Investments (NS&I), has cut its interest rates. On January 25th the annual interest rate was reduced from 1.75% to 1.5%   The NS&I admitted that the decision had been taken to make the popular savings account less desirable. The Government had set a target [...]