Vesting personal pension annuity

Scottish Equitable is extending its open market option by offering investors the Immediate Vesting Personal Pension Annuity (IVPPA).

Having gained a place in the top five for open market options, Scottish Equitable is building on its success with the new annuity.

The IVPPA allows consolidation of pension pots at the normal retirement age to simplify the payment process and potentially provide the customer with better profits from better annuity rates.

A single combined tax free cash payment and one combined annuity payment will mean less paperwork for clients and advisers, and combining the pots will allow clients to benefit from higher rates available on funds over £50,000.

"This is the first in a number of developments to our annuity offering the next being the launch of a Value Protection annuity. Despite the success of our initial launch we do not intend to stand still," said Ian Kerr from Scottish Equitable.