View more on these topics

Partnership to offer standard annuities through single-tie Openwork deal

Nigel Barlow

Partnership has agreed a single-tie deal with Openwork which will see it become the sole provider of both standard and enhanced annuities to the network.

Partnership currently only offers enhanced annuities and will develop standard annuities for distribution through Openwork.

In March, Money Marketing revealed Openwork was piloting the service to establish whether clients with small pension pots could be better off with an enhanced annuity.

However, the final agreement is not limited to clients with small pension pots. The terms of the deal mean Partnership must offer a top five rate for both standard and enhanced annuity quotes.

Partnership director of product development and marketing Nigel Barlow (pictured) says while Partnership will only distribute standard annuities through Openwork initially, it will not rule out offering a wider service in the future.

Barlow says: “At the moment this deal is strictly between us and Openwork. There are no specific plans to go wider but that does not mean to say we would never do it.”

Some industry commentators have criticised single-tie annuity deals, claiming they go against the spirit of reforms designed to increase the number of people who shop around for a pension.

Openwork proposition and marketing director Philip Martin says: “People often think that if you tie to a single provider, the customer is going to get stiffed. We do not want that to happen, so it was important that the agreement pegs the rate Partnership offers for both conventional and enhanced annuities so they have to be in the top five in the whole of the market.”



FSA confirms insurance broker ban

The FSA has banned an insurance broker from working in the financial services industry after the Upper Tribunal upheld the regulator’s case against him. Derek Wright’s case was first made public last May. The publication of the decision notice against Wright was significant as, along with one other case, it marked the first time a […]


Sanlam acquires client bank of Middlesex IFA

Sanlam Private Wealth has acquired the client bank of IFA firm Camilleri & Associates. The acquisition brings £52m of funds under influence to Sanlam Private Wealth, which now has over £550m of funds under influence.  No principals or staff from Camilleri & Associates, which specialises in advising private clients, will be joining Sanlam. The managing […]

Neptune picks Pogmore

Neptune Investment Management has appointed former Ignis Asset Management head of strategic alliances Nick Pogmore as intermediary sales manager for the South-east. Pogmore was one of 20 people made redundant by Ignis in March after the firm reassessed its distribution roles. He joined Ignis in November 2009 and was responsible for developing relationships with UK […]


IMF: UK should cut rates and boost QE

The International Monetary Fund has said the Bank of England should look at cutting interest rates and consider more quantitative easing in a bid to tackle economic weakness. The IMF said the BoE should “reassess the efficacy” of cutting rates below 0.5 per cent and called for “further monetary easing”, adding that while monetary stimulus […]


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