The firm’s annuity will be available through online portal Annuity Marketing Services. Applications and quotations will be available online, with quoted rates guaranteed for 14 days.
The minimum age for the product is 50 years and the minimum amount is £10,000 rising to a maximum pension pot of £100,000. Up to three funds can be combined for the purchase providing the total meets the fund requirements.
Hodge Lifetime is using Xafinity Paymaster systems for new open market option business, which it says will guarantee fast and safe open market option transfers from all pension funds.
Managing director Jon King says: “The launch of our new guaranteed pension annuity is the first product outside of our equity release offering to encapsulate Hodge Lifetime’s commitment to intermediaries and consumers in the retirement market, with clear and open product presentation, competitive rates, efficient application process and fast and secure administration. Through its simple product structure, our new guaranteed pension annuity will allow consumers to use the open market option when they may not have previously considered doing so.”
Annuity Direct director Stuart Bayliss welcomed the new product.
He says: “Hodge Lifetime is the first small provider to enter this marketplace since open market options were introduced 30 years ago. Their use of technology takes them to the forefront of efficiency and service and they are clearly committed to quality of service and achieving ongoing improvements as they become available”.