Carter was previously product marketing director at MetLife, where he was responsible for developing the firm’s guaranteed product range.
In his new role Carter will focus on developing MGM’s existing products. He will report to MGM Advantage chief operating officer Craig Fazzini-Jones.
Fazzini-Jones says: “To attract a person of Peter’s calibre is a real coup for us. Peter brings a wealth of experience at a time when we have ambitious plans to grow the business from a strong base.”
Carter adds: “The retirement income market presents a unique set of challenges at the moment; perceived poor value from annuities, low awareness of enhanced annuities, the need to shop around, increased regulatory scrutiny, volatile inflation and a low interest rate environment.
“My initial focus will be on developing the existing products to meet these challenges. I look forward to working with colleagues to deliver innovative solutions which meet customer needs while supporting the ambitious growth plans of the group.”
Annuity Line head of business development Billy Burrows says: “Peter Carter is one of the few people who really understand the way the UK annuity market works.
“Peter combines technical expertise with a sound marketing knowledge and he will be a real asset to MGM.”