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JLT aims expanded annuity service at smaller funds

JLT Benefit Solutions is offering an expanded annuity service which it hopes will persuade more people to exercise the open market option.

Premier Retirement Services covers standard, enhanced and impaired annuities through advised and assisted purchase services.

JLT UK Employee Benefits Group chief executive Duncan Howorth says: “According to the FSA, while 66 per cent of people say they are shopping around, many still stay with their pension provider due to trust, convenience and the time taken to transfer funds. This still leaves 40 per cent who are not using the open market option and many more who are not benefiting from it.”

Howorth says trustees have an obligation to make sure that members understand and have access to the open market option for buying an annuity, whatever the size of their fund.

Corporate development director Eddie McGuire says: “Many advisers are not set up to or cannot profitably advise on small annuity purchases, generally in the region up to £50,000. We will be able to do this competitively for retirees using high quality printed materials, web and phone support to help them make the right decision.

“We expect to launch the web service very soon which will make quotes available for members and IFAs online and quickly.”

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