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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 sums, generate an income stream or defer taking benefits.

However, customers with more complicated issues – such as debt problems, or inheritance tax planning – will be signposted to full advice.

The firms have an existing relationship that gives Phoenix policyholders access to potentially higher enhanced annuity rates.

Fees for the service have not been disclosed.

Just Retirement group external affairs and customer insight director Stephen Lowe says its offering allows providers to outsource conduct risk.

He says: “The reality is taking pension benefits has become more complex due to the new rules, reinforcing the need for people with even relatively modest pots to seek financial advice in order to fully understand their options.”

Phoenix customer director Susan McInnes says: “The pension reforms add new flexibility, but also new complexity for our customers and we believe that most would benefit from receiving financial advice to help them understand their options.”

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