L&G and PensionBee agree annuity partnership

Legal & General (L&G) Retail Retirement and PensionBee have agreed to enter a partnership that will see PensionBee customers being directed to L&G for annuity enquiries.

From 3 August, consumers enquiring about annuities with PensionBee will be introduced to L&G for further information or to receive a quotation.

The partnership has been party driven by the Financial Conduct Authority’s (FCA) incoming Investment Pathways regulations, which include a route towards a guaranteed income product, such as a lifetime annuity.

The introduction of the Investment Pathways has been delayed until February 2021 due to the coronavirus pandemic.

“We are pleased to be once again partnering with L&G and are excited to introduce an annuity product for our at-retirement customers,” said PensionBee CEO, Romi Savova.

“While Covid-19 has delayed the implementation of the FCA’s Investment Pathways 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.”

L&G has previously announced four similar partnerships, including with Aegon, Prudential and Sun Life Financial of Canada.

Commenting on the partnership with PensionBee, L&G Retail Retirement managing director, Emma Byron, said: “At Legal & General we are committed to helping everyone plan for and fund their retirement.

“For many retirees, we believe annuities continue to play an important role, especially for those seeking financial security. We are therefore really pleased to partner with PensionBee to offer customers the option of a guaranteed income from an annuity.

“We also support the adoption of the FCA Investment Pathways approach, as this provides better safeguards for non-advised customers, helping ensure they get the best opportunities to enjoy their retirement.”

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