View more on these topics

Partnership scraps drawdown/annuity blended product

Pensions-savings-retirement-piggy bank

Partnership has scrapped its newly launched annuity drawdown hybrid following the merger with Just Retirement.

In September 2015 the annuity specialist announced it was to roll out the Enhanced Retirement Account in response to the pensions freedoms, which led to individual annuity sales plummeting.

The ERA allowed a guaranteed income held alongside the ability to invest in Vanguard funds with charges ranging between 0.43 per cent and 0.59 per cent.

However, following the merger with rival Just Retirement the ERA will be withdrawn from the market with effect from 12 August.

Just Retirement has a similar product, powered by GBST.

Existing customers are unaffected.

A Partnership spokeswoman says: “Following the merger between Just Retirement and Partnership in April, we announced the product strategy, whereby all guaranteed income for life business would be written using the Just Retirement Limited life company.

“An exception to this at the time was that Partnership would continue to offer the ERA product whilst our product integration work continued.

She adds: “We believe blended solutions will be a significant part of the retirement market in the future and we will be working to develop solutions to support advisers and their clients utilising the full capabilities of the combined JRP Group.

“We are progressing this work as part of our integration activity and will share further details with you in the future.”



Just Retirement and Partnership warn over further job cuts

More jobs could go following the merger of annuity providers Just Retirement and Partnership, documents published today reveal. The two firms, who both suffered heavy share price falls on the back of the pension freedoms, are due to complete their proposed merger by the end of April. In November, the insurers estimated around 5 per […]


Regulators rubber-stamp Just Retirement/Partnership merger

The merger of annuity providers Just Retirement and Partnership has been approved by the FCA and the PRA. The two firms, which were both hammered by Chancellor George Osborne’s pension freedoms reforms, announced plans to merge in August last year, with the Competition and Markets Authority backing the deal in October. And in a stock […]

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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