Annuity specialist rebrands and links with Investec
Living Time has entered a new era after a rebrand as Primetime Retirement and the launch of a fixed-term annuity product.
Kim Lerche-Thomsen, chief executive, said the new retirement income plan would be backed by an Investec structured deposit, offering retirement income, a fixed lump-sum after a six-year term and the potential for investment growth.
The product sits inside a Sipp wrapper but uses a structured deposit-based product as its investment vehicle.
Mr Lerche-Thomsen said: “Having listened to our customers over the years, we know that one additional benefit IFAs would like to be able to deliver to clients is investment upside. Our new plan achieves this through the use of a structured deposit product provided by our new partner, Investec Structured Products.”
He added that the deposit-based product was covered by the Financial Services Compensation Scheme for up to £85,000.
Other benefits include the ability to leave before the term end due to ill health or the death of a spouse, or civil partner.
Mel Kenny, adviser for London-based Radcliffe & Newlands, said: “This is an interesting development in the fixed-term annuity market. The possibility of greater returns at maturity is likely to appeal to many clients where a fixed-term annuity is appropriate.”
Dominic Basilea, IFA for Hertfordshire-based KDW Associates, said: “As an adviser that uses Investec deposit-based plans, I think that this could be a good solution.”
The change comes a week after Dave Harris, managing director of Living Time until 2011, took up a non-executive position on the company board.
Mr Harris resigned from the company to pursue other opportunities in February last year after it agreed a distribution deal with MetLife.
MetLife acquired Alico in 2010 and in 2011 it took on sole distribution of Living Time’s fixed-term annuity which it then replaced with the launch of its own product.
The agreement between Living Time, an appointed representative of Alico UK, and MetLife came to an end in December last year.
Despite not having its own branded product on the market following MetLife’s distribution move, Living Time said at the time that it was not the end for the brand and it would develop products either alongside MetLife or separately.
