Following in the footsteps of LV= and Living Time, Aviva and Just Retirement are introducing their own fixed-term annuity products this year. This is according to Tom Selby’s article”Fixed-term annuity launches for Aviva and Just Retirement” in Money Marketing. Aviva hopes to release their product during the second quarter of this year, while Just Retirement is looking to release their annuity sometime this summer.
The fixed-term annuity market is growing, for both deferred and immediate annuities. Darren Dicks, the head of retirement for Aviva, says that the company is on track with the paperwork and other things they need to complete by their anticipated launch date. The director of external affairs for Just Retirement, Steve Lowe, says that they have a number of new products they plan to bring to market, including fixed-term annuities.
MetLife is distributing Living Time’s annuity product and plans to introduce their own fixed-term annuity sometime in 2012. LV= introduced their protected retirement plan last February, a fixed-term annuity that directly competes with Living Time’s product. Partnership is another company looking to see if this product will be one of the best annuities in the future. Steve Lewis of Retirement Partnership thinks the increased competition is great and believes 2011 could be the year for fixed-term annuity products.