LV= the retirement solutions provider has improved the rate on its Protected Retirement Plan from today, 4 February 2011 which will give clients improved terms. The Protected Retirement Plan is a fixed term annuity product that gives a guaranteed maturity value at the end of the fixed term allowing retirees to consider their retirement options again.
At retirement retirees have a multitude of retirement options available some of which they have never heard of, but none the less could be of benefit to them to provide their retirement income. Far too many opt for the lifetime annuity option mainly because it provides guaranteed annuity rates that give peace of mind.
However, with annuity rates being the lowest for decades it makes sense for annuitants to consider the wider range of annuity options that are available, these are: Fixed Term Annuity, With Profits Annuity and Asset-Backed Annuity. Seeking the help of an independent financial adviser will ensure that the full range of annuity options are considered.
Of course annuities are not the only source of retirement income and for those with funds over £200,000 income drawdown or unsecured pension as it is officially titled should be considered. An adviser will asses your attitude to investment risk and then make a recommendation from all the products that might be suitable for your personal circumstances.
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