Annuity Desk Opens Up New Market For Investors

Issued: 17 June 2010

TenetRetirement Solutions has launched a new non-advised ‘annuity desk’ facility - offering advisers the benefit of incremental income levels in exchange for the minimum of administrative input

Promising a 48-hour turnaround and no compliance liability, the service will be particularly attractive for small funds, which advisers often regard as time-consuming and financially unrewarding.

To counter that, TenetRetirement Solutions has created a package that pays enhanced commission terms on completion of the case. All that's required to initiate the process is the completion of a one-page questionnaire and an accompanying letter of authority.

Upon referral, TenetRetirement Solutions deal with all the administration and issue a comprehensive report and buyer's guide for presentation to the client. There is no requirement for a fact-find and no fees for the adviser or client, as the whole procedure is conducted on a non-advised basis.

The service is available to both appointed representatives and directly-authorised IFAs and even offers attractive impaired rates alongside highly-competitive standard options.

"The new annuity referral scheme is likely to have great appeal right across the market, but particularly for smaller pension funds, as an estimated 70 per cent currently have less than £35,000 total value," commented distribution & development director, Keith Richards.

"Advisers have tended to concentrate on larger funds, as the amount of time and effort required to process small fund values will often not generate enough commission to cover their costs. The referral service therefore extends an adviser's own service proposition.

"As all business look to segment their respective proposition and service, this new referral facility opens up incremental income previously regarded as financially unviable, using the expertise of TenetRetirement Solutions to open up a whole new sector of the market for them."