GE Life Alternative Secured Pension added to range

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GE Life Alternative Secured Pension added to range

Fri 28th Apr 2006

A new GE Life Alternative Secured Pension option has been announced today, as one of a number of enhancements to its product range.

Other alterations to the company's proposition include an unsecured pension range, which it claims has been improved to benefit from post A-Day flexibility, and a new Transitions retirement plan.

The plan will offer a single product 'wrapper', according to GE Life, which can be used both by clients looking to accumulate benefits or those looking to receive them.

GE Life states that the range will offer no income on new and existing universal state pension cases and tax-free cash from protected rights benefits, which will be available from the age of 50.

Income withdrawals will also be available for customers past the age of 75 via the GE Life Alternative Secured Pension.

"A-Day has provided us with a fantastic opportunity to enhance our product range and to give customers increased flexibility in their retirement options," said Ray Chinn, head of retirement bridge at GE Life.

"We have worked hard to develop our post A-Day proposition over the past year and are very pleased to be amongst the forerunners in the market with our new product offering."

GE Life offers a number of financial products, including equity release packages, enhanced annuities and income drawdown options.