The service will be available to Royal London’s four million direct customers who do not have a financial adviser as they approach retirement. The bureau significantly expands the mutual’s current service which is provided by Prudential. Customers can now compare both standard and enhanced annuities from 10 leading annuity providers, including Prudential. The firms represented on the bureau provide 99% of the annuities bought in the open market.
Royal London is the first of the UK’s major pension providers to offer this direct service to its customers. Despite the changes to pensions introduced in the recent budget Royal London firmly believes that, for many people, annuities are a good option.
Commenting on the launch of the new service, Phil Loney, CEO of Royal London Group, said:
“Every year thousands of our policy holders reach retirement age. Recently the number of people taking cash has doubled, and we anticipate this trend to continue. Many people are likely to take the cash element whilst keeping the rest of their pot invested, and consider taking an annuity later in life.”
“It’s vital people make the right decision when purchasing an annuity – it is a crucial, irreversible decision which affects their income for the rest of their lives. I urge all our direct, non-adviser customers who are approaching retirement to make time to use our new service so they get the right type of annuity, with the highest income available to them.”
