Innovation of the year - SEB Pension


A combination of sharply dipping asset prices and low interest rates has posed serious problems for variable annuity providers in meeting generous pre-crisis guarantees. The result has been a retreat from such generosity, with benefits being scaled back, and their costs raised. Paris-based Axa raised the price on the guaranteed minimum income benefit on its Accumulator variable annuity (VA) from 65 basis points to 80bp and slashed the number of funds available to invest in by half. Another of