Phoenix proposes guaranteed pension exchange

The closed with-profits fund offers many of its members a guaranteed pension rate (GPR), but says this limits its investment prospects and wishes to consult with policyholders on a proposed change. GPRs offer members a guaranteed rate of income, often significantly more attractive than many offerings in the open marketplace, but they also carry a number of compromises. Policyholders with a GPR may only be able to opt for a single life annuity and will often have to stick to a rigid retirement date with no access to a tax-free lump sum. GPRs also require a considerable amount of sha...