Just Retirement has acquired The Open Market Annuity Service from Kerr Henderson as part of its strategy to invest in further development of the open market option.
Tomas is a provider of systems and services assisting providers, advisers, trustees and employees benefit consultancies to streamline the end-to-end annuity advice process.
It says it needed further investment if it was to expand. Managing director Michael Slevin says: “Just Retirement provides the ideal partner to support the business whilst maintaining the independence of the annuity platform. We are delighted to have its backing as development of open market option is central to both businesses’ philosophies. We believe that this investment will enable us to significantly increase the number of people exercising their right to shop around for a better annuity.”
Just Retirement chief executive Rodney Cook says: “This is an important strategic initiative for Just Retirement. Tomas’ work is critical to the continued growth in the use of the open market option for retirees in the UK, for which Just Retirement has campaigned since its formation. I am pleased that we have been able to become involved in Tomas at such an exciting point in its development.”