View more on these topics

Nationwide offers limited shopping-around panel

Nationwide has launched an in-branch annuity service for people with small pension pots.

The building society has linked up with The Open Market Annuity Service to offer customers a limited shopping-around service from a panel of providers made up of Aviva, Canada Life, Just Retirement, Legal & General, LV= and Partnership.

The annuity service, which is available on an advised or non-advised basis, is open to anybody with a pension pot worth more than £18,000.

Nationwide head of protection and investments Guy Simmonds says: “Many people think they have to buy their annuity from their pension provider, but that provider may not necessarily offer the best deal.

“The society has handpicked a range of leading annuity providers through The Open Market Annuity Service to help customers shop around.

“Combined with our clear and transparent advice, we can help people choose the right annuity for their circumstances.”

Tomas sales and marketing director Graeme Riddoch says: “Nationwide is a major high-street brand that recognises the huge potential there is in helping its retiring customers make better decisions at a pivotal time in their lives.”

Hargreaves Lansdown head of advice Danny Cox says: “It is good to see more competition in this marketplace, although it is disappointing that Nationwide is excluding people with pension pots worth less than £18,000 from using the service.”

Recommended

1

Labour: PRA should try to minimise recourse to FSCS

The Prudential Regulation Authority would be required to try and minimise costs to the Financial Services Compensation Scheme under a new proposal from Labour. Amendments to the Financial Services Bill are currently being debated and voted on by a 20 member Parliamentary public bill committee. The bill proposes the PRA’s general objective be to promote […]

1

Regulators meet to discuss Libor overhaul

The calculation and regulation of interbank lending rates is set to have a major overhaul amid claims it has become subject to manipulation. According to the Financial Times, the Treasury, the British Bankers’ Association, the Bank of England, the FSA and a number of banks met yesterday to review the way in which Libor is […]

Fears that Europe rating regulation could backfire

The FSA, National Association of Pension Funds and the European Parliament have all raised concerns over the European Commission’s proposals to regulate credit rating agencies and firms’ use of their services. In November, the EC put forward a directive – credit rating agencies 3, which targets an “over-reliance” on ratings. The proposals call for institutional […]

14

Which?: FCA must be a watchdog with real bite

The creation of the Financial Conduct Authority is a once- in-a generation opportunity but to get the new regulators on the right track we must be clear about why the FSA failed. The consumer has been poorly served by regulated financial services and, as the FSA’s report into what went wrong at RBS demonstrates, the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Covers only limited amount of providers, therefore people are not guaranteed to get the best rate available to them. 1 in 10 will get less than they could if they went to an IFA.

    £18,000 is not low cost, there are specialists out there that will provide the same service with a lower fund value.

    Overall, a rather tepid entrance into the marketplace.

Leave a comment