L&C increases max income on annuity

A change in the way it calculates limits, basing them on an average of three market annuity rates, rather than internal rates, means pensioners could receive more than they would with an alternately secured pension (ASP) or unsecured pension (USP). USP and ASP incomes are calculated from the Government Actuary's Department (GAD) tables. USP income can bet up to 120% of GAD, while ASP can be between 55% and 90% of GAD. New Open Annuity's calculations mean it can offer between 50% and 120% of the average annuity figure. The New Open Annuity gives higher maximum incomes to those of all ...