Tenet Retirement Solutions is offering a non-advised annuity desk service for advisers to outsource clients with smaller pension pots.
Tenet says the whole of market service will offer a 48-hour turn-round and no compliance liability for IFAs and is available for appointed representatives and directly authorised advisers.
Advisers will need to complete a one-page questionnaire and a letter of authority. Tenet says it will pay enhanced commission terms on the package.
Tenet Retirement Solutions plans to deal with all administration upon referral and as the procedure is done on a non-advised basis there will be no fee for the adviser or client.
Tenet distribution and development director Keith Richards says: “This is an ideal solution for those with smaller pension pots, with 70 per cent currently totalling less than £35,000. There is a lot of focus on segmenting client banks, but more importantly segmenting the level of service that advisers provide different clients. Where it is not costeffective for advisers to provide the advice individually, not providing the advice at all is probably the worst outcome, and this is where this initiative can help.”