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Daily Insurance Industry News
Saturday 21st of July 2018
March 7, 2012

Nationwide appoints annuities panel

by Gill Montia

Story link: Nationwide appoints annuities panel

Nationwide appoints annuities panel

Nationwide has launched an annuity service in the same week as the Association of British Insurers has issued a new code of conduct for annuity providers.

The building society is inviting pre-retirees to consult a panel that comprises Aviva, Canada Life, Just Retirement, Legal & General, LV=, and Partnership, while claiming that people can typically receive an extra 20% a month during their retirement by using the service.

Industry figures suggest that two out of three retirees are failing to shop around for the best annuity rate and the building society says it particularly wants to help people tailor an annuity to their personal circumstances and maximise income.

For example, customers are asked to disclose their lifestyle and medical histories to see if they qualify for a higher retirement income from an enhanced annuity.

The service is backed by a telephone-based medical interview, allowing panel members to give the best possible quote.

The building society’s head of product for protection and investments, Guy Simmonds, comments: “Nationwide has handpicked a range of leading annuity providers through The Open Market Annuity Service to help customers shop around.”

He adds: “It is our way of helping people to achieve a better retirement income, and it fits with our pledge to our customers to be ‘On your side’.”

The new service can be used by those with pension pots of just £18,000 and is available on an advised or non-advised basis.

 

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