Pension products for the21st century

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Flexible lifetime annuities and money-back guarantees are the way forward for the pensions industry because they provide for the fact that people are living longer on average but an early death cannot be ruled out

Annuities have now become big news and it has been a long time coming. The world has moved on and people are living longer, staying active and spending money like never before. New products are needed to meet these new needs. 2001 saw the introduction of the new generation flexible lifetime annuities and 2002 may well prove to be the year of another major breakthrough ' the money-back guarantee. Life can be divided into three ages. The age of learning (up to about age 30), the age of work (up to about age 60) followed by the third age. But how long will the third age last? If we kn...

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