Primetime Retirement has linked with Avelo to make its fixed-term annuity products available on the Avelo Exchange Portal.
Primetime says the deal is part of its aim to grow the fixed-term annuity market. This follows MetLife’s announcement last week that it is exiting the fixed-term annuity space.
The Primetime Retirement Plan is a deposit-based investment that offers advisers and clients a fixed income for six years and a protected maturity amount at the end of the term which they can use to purchase another pension product.
Primetime Retirement marketing director Stuart Wilson says: “We are delighted to have partnered with Avelo to offer our fixed-term annuities through the Avelo Exchange Portal. These annuities currently produce the highest income on the market for men and women aged 55, 60 and 65. Working with Avelo will allow us to offer our product range to more advisers on a wider scale.”
Avelo head of portal Dave Miller says: “Opportunity and choice should be available to everyone when it comes to selecting an annuity, for that reason we are pleased to give our Exchange Portal users access to the widest range of products and providers in the market.
“This partnership with Primetime ensures that our advisers have access to a high quality product and increased choice at a time when the annuity market is set to change dramatically as a result of the EU Gender Directive.”
Evolve Financial Planning director Jason Witcombe says: “This is a sensible move. Ideally all providers offering a rate driven service should use a tool like Avelo because it makes it a lot easier for advisers to compare products.”