Retirement income firm MGM Advantage is to undergo a rebrand including a name change as the company attempts to break from its reputation as an annuity provider, Money Marketing can reveal.
In January last year MGM bought equity release provider Stonehaven. It is expected MGM and Stonehaven will merge under a single new brand in the next few weeks.
In November last year, MGM announced it was entering the drawdown market, with a proposition that combines annuities and flexible access in one product.
The Retirement Account is due to be launched in the autumn.
Following the 2014 Budget, the firm cut 80 roles in anticipation of a drastic fall in annuity sales.
MGM Advantage was sold to private equity firm TDR Capital in February 2013, creating a new life company in the process. However the mutual society was not part of the deal and reverted to its original name, the Marine and General Mutual Life Assurance Society.
MGM declined to comment on the rebranding.