Legal & General (L&G) has agreed a deal with PensionBee that will see its retirement income business provide annuities to the online pension provider’s customers.
L&G Retail Retirement (LGRR) said the partnership with PensionBee is partly driven by now-delayed investment pathways regulations, which include a route toward guaranteed income products, such as a lifetime annuity.
It follows a deal between PensionBee and L&G in March to launch the nation's first fossil fuel-free fund.
From today, (3 August) customers enquiring about an annuity with PensionBee will be introduced to L&G for a quotation and further information.
LGRR managing director Emma Byron said: "For many retirees, we believe annuities continue to play an important role, especially for those seeking financial security. We also support the adoption of the Financial Conduct Authority's (FCA) investment pathways approach, as this provides better safeguards for non-advised customers, helping ensure they get the best opportunities to enjoy their retirement".
PensionBee chief executive Romi Savova added: "While Covid-19 has delayed the implementation of the FCA's rules until February 2021, we believe savers need to be better informed of their choices today and recognise that for some, an annuity can offer peace of mind, particularly in periods of market turbulence."
It marks the fifth deal L&G has announced and follows similar partnerships with Aegon, Prudential, and Sun Life Financial in Canada.
Corporate and Strategic fund
Legal & General Investment Management (LGIM) has launched a secure income assets fund for UK defined benefit (DB) pension schemes.
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