HSBC will offer Life Trust income plan
www.moneynews.co.uk > General finance > HSBC will offer Life Trust income plan
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Money News |
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HSBC will offer Life Trust income plan
Thu 19th Jun 2008
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The Life Trust LIP is designed to complement traditional retirement products in the face of increasing life expectancies, and help protect savings and investments from declining as customers age.
HSBC, which has already commissioned the Future of Retirement study on retirement and ageing issues worldwide, will allow 285 premier financial managers in 16 branches throughout the UK to offer the LIP to customers.
Andy Briscoe, Life Trust chief executive officer, said he was "delighted" that such an "influential player" had taken on the LIP.
Steve Conley, head of investments at HSBC, said the bank wanted to address financial issues raised by longer lifespans, and that the LIP was a "key step in the right direction."
In January, Jody Clarke questioned the LIP on website moneyweek.com as a "gamble".
He said skeptics had described it as a traditional annuity that pays out at a later age and could incur a five per cent fee of any lump sum paid in.
Mr Clarke added: "It's plainly daft for anyone in poor health."
Related News : General finance |
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Related News : HSBC |
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