NEST today (22 June) announced its Retirement Panel providers. NEST's members can choose to buy a retirement income* product from the panel or shop around on the open market.
The panellists are:
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Canada Life, providing both conventional and enhanced retirement income products
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Just Retirement, providing enhanced retirement income products
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Legal & General, providing both conventional and enhanced retirement income products
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Partnership, providing enhanced retirement income products
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Reliance Mutual, providing enhanced retirement income products specifically for those who smoke.
The panel will make it easy for members to access products suitable for their needs and pot size at competitive rates. Each NEST Retirement Panellist has given a commitment to provide retirement income products on pots from £1,500 upwards. The contracts with providers run for ten years.
Members will be able to request quotations, explore the income they would get and then buy from the panel or shop around if they want to. NEST will provide information to members to help them decide what sort of retirement income product might be appropriate for their needs.
Tim Jones, NEST Chief Executive, said: "I'm delighted with the quality of providers our members will be able to approach for retirement income products. Our panel will enable members to buy a retirement income product if this is appropriate to their needs, even if they have a small pot. This demonstrates how we're designing NEST around our members, enabling many of those new to pension savings to be able to consider buying a retirement income for the first time. "Establishing a panel of high quality providers committed to NEST's requirements means we can help members meet their aspirations."
John Occleshaw, Canada Life Managing Director Individual Business, said: "Canada Life is delighted to be a member of NEST's Retirement Panel and we're looking forward to working with NEST to help deliver a simple and efficient way of enabling members who want to buy a retirement income to do so."
Rodney Cook, Just Retirement Chief Executive Officer, said: "As a leader in the enhanced retirement income market, Just Retirement is well placed to deliver excellent customer service and innovative products to the members of NEST. Just Retirement's research identifies that a significant proportion of retirees could qualify for higher levels of income provided by an enhanced retirement income product. At a time when household budgets are under pressure, obtaining the very best value when converting pension savings into a retirement income is of critical importance."
Phil Naylor, Legal & General Director of Individual Annuities, said: "Legal & General is a leading provider of retirement income products in the UK and we will offer NEST members access to our range of products, including standard, enhanced and lifestyle retirement income products. NEST members will benefit from the comfort and security of knowing they are dealing with a reputable household name that is not only financially strong but also an expert in the field of retirement income provision."
Steve Groves, Partnership CEO, said: "We're delighted to be working with NEST which is designed to support increased pensions saving in the UK. Partnership will provide access to enhanced retirement income products for NEST members, some of whom will be among those 40 per cent of consumers who are eligible for them because of health or lifestyle reasons, helping them receive a higher retirement income."
Mark Goodale, Reliance Mutual Chief Executive, said: "We are delighted to be part of NEST's Retirement Panel. As a mutual insurance company, we are owned by our policyholders and our focus is on providing member value and service. We specialise in offering smokers enhanced retirement income products and giving them competitive terms."
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