Prudential launches £10,000 flexible annuity

Prudential launches £10,000 flexible annuity

Prudential has launched a new annuity that aims to provide for customers with smaller pension pots whilst giving flexibility in retirement.

The Income Choice Annuity (ICA) gives customers the freedom to choose their annual income, and change this every two years if they want to.

It also provides a guaranteed minimum income for the lifetime of the annuity.

The ICA can be purchased from as little as £10,000, making it available to many people who previously wouldn’t have been able to afford an annuity.

Prudential said it decided to offer the low price annuity after industry research found that over 60% of people in the UK have less than £20,000 to buy their annuity.

Karin Brown, Prudential’s annuities business director, said: “People approaching retirement now, expecting to live for many years, will continue to demand more from their retirement income plans.

“Prudential’s Income Choice Annuity will help address the groundswell of consumer expectation for more flexible, straightforward annuities that offer the potential for growth for the rest of their lives.”

Tags: ,


Comments (1)

Trackback URL | Comments RSS Feed

  1. Peter Firmin says:

    Can you send literature for you flexible annutiy plan. Do you offer a flexible annutiy with an enhanced annuity