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Rockingham sets up annuity clearing house

Rockingham Retirement is set to launch a whole of market annuity service in a bid to help people with small pension pots get a better deal.

The firm will trial the Ann- uity Clearing House with Prudential, Legal & General and MGM Advantage from September. It will roll it out to the open market as soon as possible.

ACH will offer conventional and with-profits annuities as well as impaired and enhanced products.

Advisers will complete a medical form for their client either on the ACH website or over the phone. Rockingham Retirement says this takes just five minutes.

The top annuity rates are instantly generated on a single electronic application form, which is signed by the client. Advisers can white-label this process or hand the case over to ACH.

ACH will offer advisers 1.1 per cent commission compared with the 1 per cent they would earn if they advised on the annuity themselves.

Managing director Steve Hunt says if the system is effective, ACH will consider a direct to consumer version. Hunt says: “Official data shows fewer people are utilising the open market option when looking for the best annuity deal. This is primarily because most people believe there is too much complex trawling of the market involved.

“But ACH will enable the individual, through their IFA, to achieve the maximum possible income for the least effort.”

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