Prudential has agreed to a new annuity distribution agreement with HUB Financial Solutions, part of Just Group plc, to expand its range of annuity products.
The deal will allow Prudential customers access to the whole annuity market, doubling their range of annuity providers from three to six.
Prudential managing director of Wealth Solutions, David Macmillan said: “This agreement is an important development for us and highlights our determination to expand and improve the range of products and services we offer customers. It means they will now have access to a greater number of providers and a wider range of products covering the entire annuity market.”
As part of Prudential’s aim to increase the number of products and services available to its customers, the agreement allows them to access all the providers on HUB Financial Solutions panel: Aviva, Canada Life, Hodge Life, Just, L&G and Scottish Widows.
Macmillan continued: “Pension Freedoms has certainly opened up the drawdown market and while it’s the preferred choice of many of our customers who are about to retire, running out of money remains by far their biggest worry, which still makes annuities and the guarantee of an income for life attractive to some."
HUB companies chief executive, David Cooper added: “HUB Financial Solutions is totally focused on finding the right solutions for people approaching, at, or in retirement. We’re delighted that Prudential has chosen to partner with us to offer its customers access to the whole annuity market through our service.”