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B&CE to review single-tie annuity deal

B&CE plans to review its single-tie deal with enhanced annuity specialist Partnership after the Association of British Insurers confirmed plans to revamp its shopping-around code of conduct.

Earlier this month, the ABI confirmed it will reform the code as part of a wider industry drive to improve outcomes for people when they retire.

Speaking to Money Marketing, B&CE director Patrick Heath-Lay, who will take over from Brian Griffiths as B&CE chief executive in October, says he plans to review the deal with Partnership.

He says: “We have a single-tie arrangement with Partnership but we are going to review that in the near future. Nest has a panel, so that is one route we could consider, but access to whole of market is probably a better way because if you operate a panel you need to be on top of who is offering the best rate.”

Single-tie arrangements between providers and networks have been criticised in recent months, with Just Retirement director Steve Lowe warning the deals run counter to annuity shopping around reforms.

Almary Green director Carl Lamb says: “In an ideal world, everyone would shop around the whole market when they retire and single-tie deals discourage people from doing that.”

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