Living Time partners with Investec and rebrands as Primetime

Living Time is to launch a Sipp-based fixed term annuity product with Investec Structured Products, under the new name Primetime.

Living Time has rebranded as Primetime Retirement and will launch the Primetime Retirement Plan in March.

The product sits inside a Sipp wrapper but uses a structured deposit-based product as its investment vehicle.

As a deposit-based product it is covered by the financial services compensation scheme for up to £85,000.

Primetime Retirement chief executive Kim Lerche-Thomsen said: 'We know one additional benefit IFAs would like is investment upside. The client not only gets a guaranteed annuity amount but they can potentially get an additional investment return back at the end without risking their underlying guarantee.'

Lerche-Thomsen said the product was designed for clients with £50,000 to invest and was aimed at both pre-retirement and at-retirement markets covering an age range of 50 to 75.

The tie up with Investec comes weeks after it was announced that Living Time had ended its relationship with MetLife and was to relaunch with a new distribution partner.

New Model Adviser® also reported in January that former Living Time managing director Dave Harris (pictured) had rejoined the company as a non-executive director.