MGM Advantage awarded five stars for retirement income

MGM Advantage, the innovative retirement income specialist, is delighted to announce that its recently launched flexible income annuity product has been awarded five stars by Moneyfacts, the UK's leading independent financial information provider. MGM Advantage is the first and only company to receive five stars for a retirement income product.

Moneyfacts awarded the full five stars on the basis of the product's simplicity, low charges, investment choice and income flexibility. The product was commended for its mass market appeal with its low minimum investment annual management charges as well as being the first UK annuity to offer access to Vanguard funds.

Richard Eagling, Editor at Moneyfacts comments, "MGM Advantage has put in an Oscar winning performance with the launch of its flexible income annuity.  This asset backed annuity should be a welcome addition to an adviser's retirement portfolio.  In terms of income flexibility and guarantees, this product really is the star turn and earns a maximum five out of five Moneyfacts stars."

Chris Evans, chief executive of MGM Advantage comments, "We are absolutely thrilled that our newly launched flexible income annuity is the first retirement income product to be awarded the full five stars by Moneyfacts.  Moneyfacts is widely regarded as one of the leading sources of independent financial information and to receive the top honours for our flexible income annuity is fantastic news.

"With £135 billion of pension funds maturing in the next five to ten years, there is a growing problem in the retirement income market as increasingly conventional annuities will no longer meet people's retirement needs.

MGM Advantage's flexible income annuity is an investment linked annuity offering a choice of starting income between 50% and 120% of that payable from a conventional annuity. Clients can choose an income level within maximum and minimum levels which is fixed for five years.  A minimum guarantee is also available.  The minimum investment is £10,000 and enhanced terms are available for clients with health impairments."