ING has ramped up the ratchet frequency in its new MoneyForLife product from biennially to annually.
MoneyForLife is ING’s recently launched retirement income product.
ING general manager, retirement and investment solutions, David Kan said since the product’s launch last October the group had been consulting with financial advisers on the details of the product.
Kan said the group had “listened to adviser feedback, and in response we’ve now changed the frequency of the ratchet to annual”.
“This means that investors are able to lock in gains more regularly while still being protected from market downturns.”
The MoneyForLife funds provide continuing retirement income after an investor’s original investments run out.
