Closure of our Fixed Term Annuity
At Just we regularly review our range of products to ensure they remain fit for purpose for customers, and relevant in the markets that we operate in.
We understand that the way people are accessing their pensions has changed. For lots of people a guaranteed income for life still provides the security they require, whilst for others, flexi-access drawdown now offers the ability to manage their retirement funds the way they wish.
In light of this, we recognise that our Fixed Term Annuity (FTA) is no longer a viable choice for many retirees, and have decided to close the product to new business.
This means that for any new customers, the final date for requesting a quote is 17 August 2018. Any applications must be received by 31 August 2018.
For existing customers whose plans are maturing by 1 October, and wish to roll over into a further FTA, the deadline to receive a completed application is 14 September 2018.
Any funds being transferred must be received from the ceding provider by 28 September 2018. After the 2 October 2018, the product will be closed to new business.
For existing customers, no action is required as their plans will continue as normal through to maturity. At that point we will contact advisers and customers with their options.
Our Fixed Term Annuity (FTA) is an ideal solution for clients who are looking for both control and flexibility in their retirement. And if the plan is held until maturity they will also benefit from avoiding investment risk.