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.”