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.”