Prudential's decision to direct existing customers wanting to buy an annuity to a four-strong panel of providers has been highlighted as "a concern" by former Prudential Annuities managing director Kim Lerche-Thomsen.
Prudential, which announced last June it was pulling out of the open annuity market, has now confirmed it will stop offering annuities to existing customers completely. Instead, customers may pick from annuities from Aviva, Just, Legal & General and Retirement Advantage. But Primetime Retirement founder and CEO Lerche-Thomsen (pictured) saw it as "a concern" that "the panel of external annuity providers chosen by Prudential is not whole of market". He added: "If retirees are to be given a secure option for their precious pension funds, it is important they have the full range of optio...
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