Annuity service for small pots

Helm Godfrey is offering an annuity advice service for people with small pension pots.

The adviser firm’s iRetire service offers customers with pension pots of £20,000 or more advice on their retirement options.

Helm Godfrey has also partnered with MorganAsh, which will provide an enhanced annuity shopping-around service to iRetire customers.

Managing director Graham Cross says: “You only have to switch on the news or pick up a paper to realise there is need for a service like iRetire.

“We can help people get the most out of their pension pots, even if they have as little as £20,000 saved.

“Our enhanced annuity service should deliver a meaningful pick-up in retirement income for many people.”

In December, the Association of British Insurers outlined details of a new code of conduct for pension providers designed to encourage more people to shop around for an annuity.

In January, Baroness Sally Greengross and enhanced annuity provider Partnership raised concerns that people with small pension pots will not be able to access independent financial advice after the RDR.

Evolve Financial Planning director James Norton says: “All the research indicates that when people buy an annuity they do not do sufficient shopping around and generally go with their existing provider.

“Any service which helps people through that process, particularly those with small pension pots, is a good thing.”