WORTHING, England, July 21, 2014 /PRNewswire/ --
Andrew Tully, Pensions Technical Director, MGM Advantage, comments: 'For too long people have been getting a raw deal from their pensions at retirement, so the new pension liberalisation will, with the right guidance and advice, improve the outcomes for thousands of retirees.
'People have been given the chance to make the most of their hard earned savings and trusted to take accountability for their own financial futures. We have a responsibility to help people make the right decisions and need to develop compelling products that people will want to buy.'
About MGM Advantage
MGM Advantage is a retirement income specialist, innovating, growing rapidly and working hard to make the most of people's money in retirement. From offices in London and Sussex, the provider sells its products through financial advisers.
The company attracted the backing of private equity investors TDR Capital, with the deal concluding in late 2013. This resulted in the creation of a new life company using the MGM Advantage brand, and resulted in a split from the mutual society (Marine and General Mutual). The strategy set out in 2008, to focus on the retirement income market, is retained.
MGM Advantage's market leading products include an investment-linked annuity, the Flexible Income Annuity, the first retirement income product to be rated five stars by Moneyfacts. This gives customers the flexibility to change income levels at different stages of retirement and the potential for growth and therefore, the potential to negate the impact of inflation. It also provides a minimum income guarantee and death benefits. Enhanced rates are also available for the Flexible Income Annuity.
MGM Advantage also specialises in providing enhanced annuities designed to provide additional income in retirement for people with health conditions, a poor medical history, or lifestyle conditions, for example smoking.
Through new product innovation and development MGM Advantage is always looking to find ways in which its customers can improve their retirement income, and encourages people approaching retirement to shop around for the best annuity.
MGM Advantage is part of a group of companies owned by ICE Acquisitions SARL (ICE Group). This group of companies includes the new life company (MGM Advantage) and a service company (MGM Advantage Services Limited). MGM Advantage manages assets in excess of £1.4bn (as at December 2013).
For further information
Paul Keeble, +44-(0)7833-085387, firstname.lastname@example.org
SOURCE MGM Advantage