AXA and ING are in the process of launching a new generation of retirement products.
Money Management reports that the two companies are developing a new line of retirement income products that provide more flexibility than traditional annuities.
The products, which include AXA's "North" product line, are essentially traditional investments with an underlying safety net that is created through a hedging program.
"Unlike old-style annuities, the client can withdraw from the product at any time (with the usual penalties based on time spent in the product), and any remaining assets revert to the client’s beneficiaries on death."
The article references product development and a launch that is focused on the Australian market.
Source: Money Management
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