Repositioning the business
Following the major legislative changes in the annuity market, we repositioned the business, launching new products to address the changed demand and developing a new platform to originate equity release product.
Retirement Advantage (previously "MGM Advantage") is a specialist in the UK retirement income market. Its market-leading products include guaranteed annuities (“GA”) and The Retirement Account (“TRA”).
A GA product offers a guaranteed, fixed annual income to retirees, and is aimed at people who want security from their retirement income. A better income can be paid compared to traditional annuities as the product takes into account life expectancy, as a result of medical diagnoses or lifestyle factors.
TRA was developed in response to legislative changes and enables retirees to blend certainty and flexibility through the use of guaranteed annuities and income drawdown in one tax-efficient product wrapper.
What we did
How we exited
Date of investment: November 2013
Deal type: Private sale
Exit date: January 2018
Exit route: Strategic buyer