Age UK to offer annuities for small pension funds
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Age UK Enterprises is to launch an open market option annuity service next year aimed at helping savers with small pension pots.
The rebranded charity, which is an amalgamation of Age Concern and Help The Aged, is relaunching its financial proposition next year with the new annuity service and equity-release referrals.
The charity has been piloting an IFA referral service with Co-operative Independent Financial Advisers and currently offers white-labelled general insurance and legal services to more than a million customers, online and through its Age Concern offices.
Age UK says it is not yet able to reveal who its partners will be for the new financial services range.
Age UK has 280 Age Concern offices staffed by 600 financial arrangers, as well as more than 500 national Help The Aged retail stores.
Managing director Gordon Morris says the organisation will offer financial services through its offices and its high-street shops.
He says the Co-op pilot has now ended but says it was “overwhelmed” with the results.
Morris says: “A lot of people are reaching the point of retirement with a number of pension pots all over the place and might not be of interest to a pension adviser.
“We will have a service with a tailored range of fees, recognising that these consolidated funds might be on the small side.”
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