Heath Lambert has teamed up with Partnership to launch an online, direct to consumer annuity buying service targeting individuals with small pension pots.
The service, which will be offered exclusively to Diabetes UK members for the first three months, allows people to shop around for an annuity from a list of 10 providers.
The online platform is underpinned by Partnership’s medical underwriting system, with users asked eleven questions to determine whether they qualify for an enhancement on their annuity.
Diabetes UK will be paid a commission by Heath Lambert for each member who uses the service to purchase an annuity.
Heath Lambert director Stuart Grennan says: “The majority of people do not trawl the market for the best income when converting their funds into an annuity.
“It is remarkable that leading pension providers have effectively got away with this for so long.”
Partnership managing director Andrew Megson says: “There is a compelling need to change consumer behaviours and I believe Heath Lambert’s system has the potential to do this.
“It puts the customer first by simplifying the annuity purchase process and provides immediate quotation and transaction capability.”
The annuity providers included in the online shopping around process are Partnership, Just Retirement, LV=, Hodge Life, Living Time, Prudential, Aviva, L&G, Canada Life and Aegon.