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The new partnership encourages shopping around via a pension annuity comparison website
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Customers could receive significant extra income boost at retirement by shopping around
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The service takes into account medical and lifestyle conditions which could lead to extra income
Premier Retirement Services (PRS), a joint venture between Just Retirement Solutions (JRS) part of Just Retirement Holdings Ltd and JLT Benefit Solutions Ltd (JLT), today launched a pension annuity comparison service in partnership with leading independent comparison website Moneyfacts.co.uk. Building on PRS's expertise in the retirement income market as well as Moneyfacts provision of valuable financial information services to customers, the new service aims to help people approaching retirement increase their retirement income by using the Open Market Option (OMO) to find the best annuity rates available in the market. The website will enable customers to assess their situation and finances as they approach retirement, learn about the pros and cons of different types of annuities and compare annuity rates from 8 leading providers in the market including Legal & General, LV=, Aegon, Standard Life, Prudential and Just Retirement.
The new service aims to facilitate the use of OMO by making it easy for the customer not only to compare annuity rates, but also asses what type of annuity to choose by entering any medical or lifestyle condition to check if they qualify for an enhanced or impaired annuity, which further increases the level of income that they could receive.
Stephen Lowe, Director, of Just Retirement commented:
"As the number of people reaching retirement is forecast to exceed 800,000 during the next few years it's vital that new services are introduced to enable customers to shop around to find the best retirement income solution and the best rate. It is estimated thousands of customers are missing out on pocketing billions of pounds of retirement income because many are sleepwalking into retirement and failing to realise that they can use their pension savings to buy an annuity from a provider other than their current pension provider. Combining the innovative technology and excellent customer service of Just Retirement and JLT with the powerful and relevant consumer brand of Moneyfacts will raise awareness of
the opportunity and deliver a solution to enable pensioners to make improving their retirement income a reality."
Paul Armitage, of JLT, said: "We are pleased to be partnering with Moneyfacts.co.uk, who we consider to be a key partner in continuing to deliver our message of encouraging the use of the Open Market Option when securing benefits in the form of an annuity. We are working with our clients on getting the most from auto enrolment, and this will have the effect of hugely increasing the number of people that will benefit from the improved annuity purchasing decisions we are facilitating here with Moneyfacts. "
Ania Trzaskowska, Head of financial comparison website Moneyfacts.co.uk, said:
"Moneyfacts.co.uk is pleased to be partnered with Premier Retirement Services. The combined partnership adds an exciting dimension to online retirement planning; a one-stop-shop for all retirement needs which includes not only a new online quotation service but also annuity best buy tables"
"Services like these are important because generally you get just one chance. Getting it right could potentially increase retirement income by up to 40% depending on the customers medical situation."
Customers who would like to use the new service should visit www.myannuityplan.co.uk/moneyfacts/ for guides, information, and the comparison tool
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