Primetime Retirement has closed to new business applications, citing changing market conditions as part of the reason for its decision, RP’s sister title Professional Adviser can reveal.
In an email sent to advisers this morning, which has been seen Professional Adviser, the pension provider said it had decided to pull out from the market, but that existing customers would not be affected.
The firm said: “We have taken the decision to pull back from the market at this time as a result of market conditions and a number of developments we wish to make to our systems.
“We will continue to accept applications linked to illustrations already produced until the end of the illustration guarantee period, and will continue to process and complete business as normal for applications already received and accepted.
“Our decision does not impact existing Primetime Retirement customers and we will continue to actively support their plans as normal.”
‘Changing times’
Primetime Retirement is a subsidiary of The KG Group, along with Key Retirement, Key Partnerships and more 2 life. The group’s main activities are equity release, estate planning and annuities.
Better Retirement Group retirement director William Burrows was unsurprised to hear of the news. “Everybody cries out for innovation so, on the one hand, we are sorry to see the close of business,” he said.
“On the other hand, though, I think it reflects the changing times, low interest rates and more people taking cash lump sums rather than guaranteed income.”
Primetime Retirement has been contacted for comment.