View more on these topics

Partnership eyes platform tie-up as annuity slump continues

Steve Groves 2015

Partnership is working on plans to tie up with a platform in the second half of the year as the specialist provider looks to counter a 73 per cent fall in individual annuities.

In its results for the three months to the 31 March, published today, Partnership says it is working with a third party platform to launch a “retirement account”. It says the account will provide customers with an individually underwritten guaranteed income for life, as well as flexibility on the remaining invested funds.

Further details about the account are expected in the coming weeks.

Partnership continues to be hit by the pension freedom reforms, with new business sales for individual annuities plummeting 73 per cent from £200m in March last year to £54m.

Defined benefit bulk annuities sales also fell 29 per cent from £34m to £24m over the same period.

Care and protection sales both remained flat at £20m and £1m respectively.

Overall, total new business sales dropped by 61 per cent from £254m to £99m.

Partnership chief executive Steve Groves says: “I continue to expect a gradual return to growth in the second half of 2015 and a positive outlook for the market over the long term. “Widespread market commentary and adviser feedback has been helpful in promoting a strong case for annuities and their role in retirement income planning. I expect further clarity on customer behavior and outlook to emerge over the coming months and look forward to providing an update at our interim results in August.”

Recommended

Pension-Pensions-savings-retirement-piggy bank

Partnership revamps annuity options

Partnership is the latest provider to announce changes to its annuity products following the introduction of the pension freedoms this week. It has increased the maximum guarantee period to 20 years – prior to the reforms this was restricted to 10 years – and will quote on value protection up to 100 per cent of […]

Lowe-Steve-700.jpg

Phoenix signs up to Just Retirement simplified advice service

Closed book insurer Phoenix is the first provider to sign up to Just Retirement’s new simplified advice service. The deal means retiring customers who do not have an adviser will be able to get personal recommendations over the phone on how to use their pension pot, including whether to keep their funds invested, take lump […]

Stephen-Womack-MM-Peach-700.png
1

Stephen Womack: There is not always a right answer

I recently read a fascinating book a client recommended to me. Called Do No Harm, it is written by leading brain surgeon Henry Marsh. The book is both a memoir of his medical life and an exploration of what it is like to have to make daily decisions on who to treat and who is […]

Could Japan return to favour despite slow growth?

The ongoing economic reforms, continued loose monetary policy and a weak yen keep boosting earnings momentum across corporate Japan. The Japanese market gained further traction last week with the Nikkei 225 Stock Average closing above 20,000 for the first time in 15 years. Elsewhere the broader TOPIX index also surpassed its highest level since November […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Surely, as an existing Life co. they can come up with some snazzy new products to steal a march on the plodders.

    I’m still mourning the withdrawal of HSBC Life’s MIP and onshore bond from the IFA market. They could revive that as an option.

    Maybe even the return of prefunded LTC?

  2. Retirement Account? Wow, how on earth did their marketing department come up with that one?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com