Prudential agrees annuity deal with L&G

Assist customers to get better deal

Kim Kaveh
clock • 1 min read

Legal and General (L&G) Retail Retirement has agreed an introducer agreement within its retirement income division to provide annuities to Prudential customers with guaranteed rates.

The arrangement - which will take effect from 1 November 2019 - is the fourth of its kind for L&G, following similar agreements with Aegon, ReAssure, and Sun Life Financial of Canada. It follows the publication of L&G's half-year results last month, which revealed that its individual annuity business sales were up 47% to £497m in the first half of 2019. The insurer said that it expects the deal with Prudential to increase its annuity sales in 2020 by 15%. As part of the deal, all guaranteed benefits will be honoured by Prudential and fulfilled by L&G, which will also compare the entir...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

IHT pensions changes expected to drive 'strong interest' in annuities

IHT pensions changes expected to drive 'strong interest' in annuities

Though ‘ambiguity’ persists on annuities treatment, retirement planning expert says

Jen Frost
clock 04 November 2024 • 3 min read
Budget end to overseas pensions 'loophole' could cause 'chaos'

Budget end to overseas pensions 'loophole' could cause 'chaos'

OTC applies to more transfers under changes

Jen Frost
clock 31 October 2024 • 2 min read
Pensions tax-free cash untouched – but what about those who acted pre-Budget?

Pensions tax-free cash untouched – but what about those who acted pre-Budget?

No lump sum change should be ‘welcomed’ but damage cannot be undone

Isabel Baxter
clock 31 October 2024 • 5 min read