The Hartford Intros New Personal Retirement Manager

The Hartford Financial Services Group, Inc. introduced The Hartford's Personal Retirement Manager, a new way to combine long-term investment growth and guaranteed lifetime income potential in a single, user-friendly, tax-deferred retirement planning vehicle.

The Hartford has developed its new product to respond to Americans' changing retirement needs and priorities. Confronted by the worst recession in a generation, long-term investors are shifting their focus away from asset accumulation and searching for guarantees to replace annual income and maintain their retirement lifestyles. Recent research from The Hartford shows that seven in 10 Americans (69 percent) believe it is "extremely" or "very" important to have a guaranteed income in retirement. And consumers identifying guaranteed income in retirement as "extremely" important rose to 29 percent in 2009, steadily increasing from 19 percent in 2006.1

The Hartford's new two-pronged retirement planning approach enables investors to take greater control over their financial future through a more simplified and cost effective design:

- The income component, called the "Personal Pension Account," provides guaranteed lifetime income with flexibility to adjust the amount and timing of payouts.

- The investment component provides access to a broad choice of more than 50 domestic and foreign, equity and fixed income investment options with total annual insurance charges on invested assets ranging from 0.30 percent to 1.35 percent.

- Investors have the flexibility to allocate their investment dollars into both the income and investment component based on their changing financial needs.

"Our customers are looking for straightforward and effective financial products and strategies they can trust," said John Walters, president and chief operating officer for The Hartford's life operations. "Investors still need to grow assets, yet many understandably long for the days when they could count on guaranteed company pension plans to fund a portion of their retirement. We designed The Hartford's Personal Retirement Manager to meet both of these needs."

The Hartford's new product comes to the market as Americans have become much more receptive to hearing about new approaches to retirement income planning. Recent research from The Hartford shows that nearly three in five Americans say they are "unsure" or "have no idea" how much income they will actually need to continue their lifestyles in retirement.

When asked what they would look for in the perfect retirement product, more than 50 percent said they wanted a product which generates guaranteed lifetime income. Yet when this same group was asked how well they believe financial products currently on the market meet this need, less than half (47 percent) believed current products met their expectations1.

"Due to recent market experience, consumers want retirement savings vehicles that provide simplicity, transparency and value," added John Diehl, Certified Financial Planner and senior vice president with The Hartford's Investment & Retirement Division. "This has created opportunities to meet this need with innovative products that provide significant benefits to consumers but are less risky to the provider. Our approach demonstrates our long-term commitment to effective risk management and strikes the right balance for our customers."

In developing this new product, The Hartford has conducted research on consumer retirement needs and solicited input from various industry experts as well as broker/dealer firms and financial advisors. The firm understands that innovation takes time and that education is critical to build awareness, acceptance and recommendations among the financial advisor community.

The Hartford is introducing its new product with an extended series of broker meetings and client seminars around the country.

The Hartford is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs.

The Personal Pension Account, a fixed, deferred paid-up accumulation feature, may not be suitable for all investors.