Lincoln sees increase in demand for flexible retirement products

Lincoln Financial Group has revealed a recent uplift in enquiries for its flexible retirement product Lincoln i2Live. Recent market turbulence has had a severe affect on UK pension pots and the increase in enquiries of Lincoln i2Live show that people are now seeing the value of retirement products that can offer a level of security through an income guarantee option.

Lincoln research shows that despite the growing interest in flexible retirement products 66 per cent are not aware of the options such as variable annuities available to them. The research also shows that 42 per cent do not understand the main risks that face them when choosing an annuity.

Simon O'Connor, Head of Product and Marketing at Lincoln Financial Group, said: "As retirees have seen their pension pots dramatically decrease over the past six months they are now recognising the value of retirement products with income guarantees. Lincoln i2Live offers clients an Income Guarantee Option which can be turned on or off depending on market conditions, changing client needs and attitudes to risk.

"As more products are launched into the alternative retirement product space it is important that providers recognise the need to support advisers in their understanding of where these products fit in the market place. We have been committed to this since Lincoln i2Live's launch last year and we will continue to work with IFAs to educate them on the benefits and flexibility that these products can offer."

Lincoln Financial Group offers customers a range of flexible options to take them through each stage of retirement planning, including a personal pension plan for consolidation, an income drawdown for income flexibility and an investment-linked flexible annuity to continue income and investment flexibility after age 75. Lincoln i2Live offers i2Live Accumulator, i2Live Drawdown and i2Live Annuity under one umbrella, and allows customers to move from one product to the next to suit their circumstances.

Since Lincoln i2Live was launched last year, Lincoln has made a number of improvements to the product following ongoing feedback from IFAs on the needs and requirements of customers. These include a smaller annual plan fee, lower minimum investment, wider age of entry for i2Live Annuity with the Income Guarantee Option, and greater flexibility of the Income Guarantee Option.

For further information, visit lincolnuk.co.uk