Openwork - Introducing flexible income annuity
For Openwork advisers only
The Flexible Income Annuity is an affordable, flexible, transparent investment-linked lifetime pension annuity, suitable for clients prepared to accept an element of investment risk for the potential of a higher income than a conventional annuity (for individuals in both good and poor health).
What your clients can expect from our Flexible Income Annuity:
- A regular income for life that has the potential to grow.
- A starting income up to 20% higher than a level conventional annuity or typically 40% higher if your client qualifies for enhanced terms.
- Choice of income level available (between 50% to 120% of a level conventional annuity) at different stages of retirement.
- Income is fixed for three-year periods (unless your client wants to change it).
- Clients can move to a fixed-income basis if they decide at a later point that they no longer have an appetite for investment risk.
- Minimum income guarantee that can be relied on from day one.
- Simple range of outstanding investment funds to choose from, all monitored by Morningstar OBSR, catering for all risk appetites and including a protected option.
- Your clients can make sure their loved ones are provided for with death benefits (including a value protection option).
- Exceptional levels of customer service from a provider who will be in regular contact to keep you and your clients informed every step of the way.
- The benefit of mortality cross subsidy. Your clients will receive lifetime bonuses which get bigger the older your client gets. This could be as much as 1.5% for those in their mid 70s.