Primetime Retirement closes to new business

Primetime Retirement closes to new business

Primetime Retirement has closed to new business due to market conditions and internal developments.  

The retirement provider, which specialises in solutions for people aged 55 and over, is "currently not writing new business", according to a message on its website.

A spokesman for the company, said: "We have taken the decision to pull back from the market at this time as a result of market conditions and a number of developments we wish to make to our systems.

"We will continue to accept applications linked to illustrations already produced until the end of the illustration guarantee period, and will continue to process and complete business as normal for applications already received and accepted.

"Our decision does not impact existing Primetime Retirement customers and we will continue to actively support their plans as normal."

Primetime Retirement, originally known as Living Time, was founded in 2006 after identifying a gap in the retirement solutions market. The team tailored a plan that accommodated the needs of modern retirees.

The Fixed Term Annuity Plan and Fixed Term Drawdown Plan provided people will greater control over their pension income, but without sacrificing the certainty and guarantees offered by traditional annuities.

In 2014, Primetime Retirement was bought by KR Group.

William Burrows, founder of William Burrows Annuities, was saddened by the news and suggested Primetime Retirement was a victim of pension freedoms, in spite of it being a leading innovator.

He said: "It is a shame. Everybody is trying for innovation and it is a real shame to see ne of the real innovators go.

"The real problem has been low interest rates and, following pension freedoms, people are more keen to take the cash."

The firm offered three plans to its clients – Maximum Maturity, Income Only and Income and Maturity.

The Maximum Maturity plan allowed retirees to leave the fund until the end of the term and receive a maturity lump sum. The Income Only option, on the other hand, provided a regular monthly payment until the fund had depleted.

The Income and Maturity plan, as the name suggests, enabled a regular monthly income during the term and a maturity lump sum at the end, which was set at the start of the policy.