Rockingham extends annuity clearing house
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Rockingham Retirement is set to expand its annuity clearing house service to search whole of market for the best deal.
Last May, Money Marketing revealed the firm was launching the clearing house with Prudential, Legal & General and MGM Advantage in a bid to help people with small pension pots get a better annuity.
It is now rolling the service out to the open market, internally from April and to external advisers soon.
The service offers conventional and with-profits annuities as well as impaired and enhanced products. Advisers complete a medical form for their client on the ACH website or over the phone. The firm says the top annuity rates are instantly generated on an electronic application form, which is signed by the client. Advisers can white-label this process or hand the case over to the ACH.
The Retirement Adviser director of retirement planning Nick Flynn says: “It is positive it is being extended to whole of market but I still think advice is required. Execution-only offers clients only half the benefit of the open market option.”
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Readers' comments (1)
David Trenner - Intelligent Pensions | 11 Feb 2010 3:35 pm
Whilst not disagreeing with Nick Flynn that ideally clients should get advice on their options, my understanding is that this service is targetted at purchase prices below £50k.
If you can only afford to pay for an execution only firm then ACH is an awful lot better than staying with the holding insurer and getting 15% less income.
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