MGM Advantage income annuity product get five stars

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MGM Advantage income annuity product get five stars

Wed 10th Mar 2010

Richard Eagling, editor at Moneyfacts, said the product was an "Oscar winning performance" that would take a welcome position in any retirement adviser's portfolio.

Chris Evans, chief executive of MGM Advantage, replied that he was "thrilled" to receive the award, but added: "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 lifetime annuity product offers 50 to 120 per cent of the income that would be available from a conventional annuity.

The Pension Protection Fund recently revealed figures which show a £15 billion deficit in the UK's defined benefit pension schemes and it is believed that more people will choose other options, such as equity release plans, to fund their retirement.

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