Financial services giant Legal & General has announced its fifth annuity partnership.
The firm has made an agreement within its retirement income business to provide annuities to PensionBee customers.
This deal has partly been driven by forthcoming Investment Pathways regulations, which includes a pathway toward a guaranteed income product, such as a lifetime annuity.
From 3 August, customers enquiring about an annuity with PensionBee will be introduced to Legal & General for further information, or to get a quotation.
Legal & General will also help customers find the best rate available through its whole of market annuity comparison service, Annuity Ready.
It is the fifth deal Legal & General has announced and follows similar partnerships with the likes of Aegon, Prudential and Sun Life Financial of Canada.
Financial security
Emma Byron, managing director at Legal & General Retail Retirement, said: “At Legal & General we are committed to helping everyone plan for and fund their retirement.
“For many retirees, we believe annuities continue to play an important role, especially for those seeking financial security. We are therefore really pleased to partner with PensionBee to offer customers the option of a guaranteed income from an annuity.
“We also support the adoption of the FCA Investment Pathways approach, as this provides better safeguards for non-advised customers, helping ensure they get the best opportunities to enjoy their retirement.”
Romi Savova, chief executive, PensionBee, said: “PensionBee is committed to helping savers ensure they are in the most appropriate investment product based on their retirement objectives.
“While covid-19 has delayed the implementation of the FCA’s Investment Pathways rules until February 2021, we believe savers need to be better informed of their choices today and recognise that for some, an annuity can offer peace of mind, particularly in periods of market turbulence.
“Everyone deserves a happy retirement, and we hope that this new addition to our product range will help more of our customers achieve their retirement goals.”
