Annuity or protected retirement plan?

ijustlovesavingmoney

Help please, my husband is 63 I am 58 we have a pension pot of £90 thousand, we can take 25% now and either:-

take £380 a month for husbands life and 50% for me after (guarenteed for 10years)

or

take £400 a month until husbands 75 then still have a pension pot of £47 thousand to buy another pension product this is a NEW product from L&V.

I know we need cyrstal ball but we are unsure what to do.

We both whould like to retire now but think we will carry on until my husband is 65 and then retire using the pension pot to fund our life until I get my state pension in 2015. We have some saving.
Thank you for reading.

dunstonh

this is a NEW product from L&V.

why that product?

Current changes going through don't require any new "product" to be bought at (or bought until) 75 any more. You can remain invested in conventional mainstream investments right the way through to death now. There is no need to consider some of the small number of weird alternative options that may look good on marketing but when you dig deeper you realise the costs and protections in place are not worth the money you are paying for them.

What is the reason you like the LV product compared to remaining invested compared to buying an annuity?

ijustlovesavingmoney

"What is the reason you like the LV product compared to remaining invested compared to buying an annuity? "

Hi thank you for the reply

These are the options given by our broker, firstly the 2nd option gives a little more each month, and when husband reaches 75 we can then reinvest, also if he dies before me it gives me options!! I think.

If we take option one if he dies before me I will only get half of the £380.

As you can see we are very confused by all this and I have noticed that the brooker will recieve double the amount in commision if we go with the LV option and then he will get another commision in 11 years time. Should this sound alarm bells?