View more on these topics

Buck Consultants launches non-advised annuity shopping around service

Employee benefits firm Buck Consultants has launched a non-advised annuity shopping around service for people with pension pots worth more than £20,000.

The new service, called ‘Retirement Assured’, allows users to check the different rates offered by providers using an online calculator.

Anyone who wants to buy an annuity through the service will need to contact the firm’s telephone quotation service, where they will be taken through a series of medical questions to determine whether they qualify for an enhanced annuity and provided with guidance on their retirement options.

Retirement Assured will then source quotes from all UK annuity providers who are open to new business.

Anyone with a pension pot worth less than £20,000 will not receive the full non-advised shopping around service and will instead be offered a Legal & General annuity, with whom Retirement Assured has a single-tie arrangement.

The firm says it will receive between 1 per cent and 3 per cent in commission when someone buys an annuity through the service, which has been developed by Annuity Bureau founder Peter Quinton.

Quinton says: “Not only is there a growing trend towards researching and buying financial services products online, but, as a result of the retail distribution review, we’ve seen a squeeze on advice, particularly across banks.

“Consumers are, therefore, increasingly becoming self-directed – and not always by choice – in their personal finance matters. However, we believe a complete DIY solution for purchasing annuities is dangerous. 

“Whilst more than three quarters of pre-retirees say they have a basic or good understanding of different annuity types, in reality actual purchases of investment linked, escalating, enhanced and impaired life annuities remain low.

“This comparison site has been designed to help fill the “advice gap” left by RDR, providing those in the process of selecting an annuity with a simple way of sourcing the best quote for their individual circumstances with the added benefit of being able to speak to an annuity specialist.”



Pre-RDR commission under threat as Govt bans consultancy charging

The Government could target auto-enrolment schemes written on a commission basis pre-RDR after pensions minister Steve Webb set out plans to apply the ban on consultancy charging retrospectively. New legislation banning consultancy charges in auto-enrolment schemes came into force on 14 September. The rules only applies to deals agreed from 10 May, when Webb announced his […]


Octopus launches Aim IHT Isa

Octopus Investments has launched an Aim inheritance tax Isa following recent Government rule changes. Octopus says the product has been designed to take advantage of the Government’s new Isa rules, introduced last month, which allows Aim shares to be included as part of Isas. The rules allow investors to get full relief from inheritance tax on their […]


Lib Dem minister warns over payday loan rate capping

Business minister Jo Swinson has warned against using interest rate caps to tackle payday lenders as they could have unintended consequences. Speaking at a Liberal Democrat fringe event on short term lenders at the party conference in Glasgow yesterday, Swinson said rate capping could actually harm consumers and not ensure they pay any less.. The […]

Avelo poaches iPipeline chief Andrew Simon

IPipeline chief executive Andrew Simon has left the technology provider to join rival firm Avelo where he has been appointed as UK general product manager. He has been with iPipeline for six years, first as chief operating officer before moving on to become chief executive. He has previously worked at Aviva and Zurich. Simon will […]

Health - thumbnail

Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm