Prudential is expanding the range of annuity products available to customers through a new distribution agreement with HUB Financial Solutions, which is part of Just Group.
The move will give Prudential customers access to the whole annuity market, doubling the range to six annuity providers from Prudential’s own panel of three. The group said it was part of the company’s plan to widen the range of products and services available to customers.
Aviva, Canada Life, Hodge Life, Just, Legal & General and Scottish Widows make up the HUB Financial Solutions panel, giving Prudential customers complete access to all annuity providers in the marketplace.
Prudential managing director of wealth solutions David Macmillan said: “Pension freedom has certainly opened up the drawdown market and, while it is 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 for some.”
HUB chief executive David Cooper added: “We know lots of people still value the security a guaranteed income for life offers but do not always shop around to find the best or most suitable product.
“We will be able to help thousands of Prudential customers understand their annuity options and then tailor an annuity to meet their personal needs by searching the whole market to find the very best deal for each individual customer.”
Just Group unveiled HUB Financial Solutions last July after it merged two of its existing operations – Just Retirement Solutions and The Open Market Annuity Service – to create the new business.