Equity release specialist Key Retirement Solutions has acquired Surrey-based annuity broking service Annuity People.
Annuity People is an annuity shopping around service which advisers, occupational pension schemes and employee benefit consultants can refer clients to.
It was previously owned by Honister Capital, which entered into administration in July. At that point, Annuity People was unable to provide advice to clients.
Following the Honister announcement, Key Retirement Solutions agreed to accept advice referrals from Annuity People. Key Retirement Solutions has now bought the business outright.
Key Retirement Solutions group director Dean Mirfin (pictured) says: “The purchase of Annuity People expands our referral proposition which we have operated for more than 10 years for equity release.”
Annuity People managing director Malcolm Thomas says: “This next step in our growth will provide not only for a step change in capacity but also enable us to pay referral partners up to 1.25 per cent of the fund value for each completed case.”
Informed Choice managing director Martin Bamford says: “This seems like a sensible acquisition and it ties into Key Retirement Solutions’ plans to grow the annuity side of the business.”