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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.”



Revamped Right to Buy will offer discounts of up to £75,000

Social tenants will be offered discounts of up to £75,000 to purchase their property under the revamped Right to Buy scheme, the Government confirmed today. The Department for Communities and Local Government has today published final details of the scheme, proposals for which were first announced in its housing strategy in November. From April, tenants […]

Businesses criticise “high and complex” Nest charges

The Confederation of British Industry says Nest’s “high and complex” charging regime is preventing the Government-backed pension scheme competing with private sector rivals. A report from the work and pensions select committee, published today, urges the Government to remove Nest’s restrictions “as a matter of urgency” because they create a barrier to employers choosing the […]

American firm in talks to acquire Assureweb

American technology company iPipeline is in talks to acquire Assureweb, Money Marketing understands. iPipeline is looking to buy the quotation portal which is owned by Prudential, Aegon, Friends Life, Scottish Widows and Aviva. Assureweb is one of the three main quotation portals used by advisers alongside Avelo and Capita’s Webline. iPipeline, which is based in […]


Scot Prov pays out 91% of CI claims in 2011

Scottish Provident paid out 91 per cent of its critical illness claims in 2011. The insurer paid out a total of £90m to its CI policyholders and the average payout was £82,000, with the largest over £945,000. Cancer remained the top reason for making a CI claim, accounting for over half of all claims. A […]

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Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


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