SimplyBiz has joined Just Retirement’s Campaign for Better Annuities, a new initiative designed to raise awareness of key aspects of the annuity market and ensure people get the best possible income in retirement.
The compliance support firm is backing Just Retirement’s call to IFAs to “join up” and raise their game in this area.
SimplyBiz managing director Ian Thorneycroft says: “We fully endorse Just Retirement’s move to educate and support IFAs, making sure that they are well equipped to ensure that annuitants get the best possible deal.
“In the next five years the value of the annuity market is predicted to increase by more than 50 per cent and selecting the right annuity option for clients will be crucially important for IFAs – both in terms of increasing business and of Treating Customers Fairly. For this reason, we will be actively promoting the campaign to our 1950 member firms.”
The strategy focuses on “back to basics” educational campaign for IFAs, looking at aspects such as the OMO, how and when to take advantage of it, enhanced annuities – up to 30 per cent more income for 40 per cent of annuitants and value protection – a sometimes overlooked option for those looking to maintain the value of their estates.
Just Retirement group marketing director David Cooper says: “I am delighted that SimplyBiz is supporting the Campaign for Better Annuities and actively promoting the benefits to its members. Recognition of the issues and the need to for providers and advisers to work together is vital. This move by SimplyBiz will help advisers and consumers alike.”