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Openwork adds pension and annuity panels to widen choice

Openwork is setting up pension and annuity panels in a bid to widen adviser choice.

The pension panel will see products from Legal & General, Met Life, Prudential, Scottish Widows and Zurich made available to Openwork’s 2,500 advisers.

Aegon, which has been the sole provider of pension products to the network since it was launched in 2005, will also have its products on the panel.

Openwork’s existing proposition includes the Aegon flexible pension plan and the Hornbuckle Mitchell Sipp and Hornbuckle’s income drawdown and scheme pension will also be added.

The annuity panel is designed to supplement its existing annuities service, Openwork Market Solutions, and will include products from Just Retirement, LV=, MGM Advantage and Prudential.

Advisers who use the ann-uity panel will still be able to refer to Openwork Market Solutions.

Openwork says the aim is to accommodate advisers who would like to offer annuity advice themselves.

Pensions and investment proposition director Graham Angell says: “The new panel allows advisers to bolster their propositions in the run-up to the RDR.”

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