Nationwide Insurance and Capital Group have created a target-date fund series that incorporates a fixed-indexed annuity with a guaranteed lifetime withdrawal benefit.
The funds, known as the NCIT American Funds Lifetime Income Builder Target Date Series, will be available as an investment option in defined-contribution plans.
The annuity portion of the product was invented by Annexus Retirement Solutions, Nationwide said in a release.
“The TDF Series is financially engineered to deliver a total income of 6% at the projected retirement start date,” Nationwide said.
The TDF series is structured as a collective investment trust. It is set to launch later this fall.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
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