Flexible Income Annuity
The Flexible Income Annuity is now closed to new business
The Flexible Income Annuity is an investment-linked annuity which provides flexibility to change income levels at different stages of retirement, a minimum income guarantee and the potential for income growth.
It should be noted that there are no changes to policy terms, income payments, annual statements or any other aspect of policy administration for existing FIA policyholders. We believe that FIA continues to provide excellent benefits for existing policyholders, and therefore no action needs to be taken by advisers as a result of closing FIA to new business.
The current fund range will remain in place and continue to be monitored. FIA funds invest in other liquid funds, so we do not foresee any impact on investment performance as a result of closure to new money.
Fund performance data will continue to appear on our website, and we will notify customers of any future changes to funds. FIA has never allowed customers to top up a policy after the initial purchase, so there is no impact in this respect.
Please note that FIA policies that started prior to December 2013 are now administered by Scottish Friendly, and queries related to these policies should be directed to Scottish Friendly, not Retirement Advantage.
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