The firm, which recently won a three-year deal to provide advice to customers of L&G’s tied agents, plans to begin the process in March.
Origen will search the open market if requested by clients but the rest will be ushered either to L&G or Partnership, depending on health.
Annuity Exchange director Stuart Bayliss says the move takes the open market option’s progress back 15 years.
He says: “It is understandable for closed companies or providers to do these deals, at least for a while, but for advisers to do it is a disgrace.”
Hargreaves Lansdown pensions analyst Nigel Callaghan says: “The average pension pot is about £25,000, so double that is a pretty high starting point.
“Legal & General tends to be more competitive around the £10,000 mark. If it is now canvassing business up to £50,000, how competitive are their rates going to be?
“Origen is deemed to be a retirement specialist. I wonder how it can equate that with this particular initiative?”
An Origen spokesman says: “We have done a lot of research and found there is demand for this service for specific parts of our corporate book. But whole-of-market access would be available to anyone who wants it.”