Engage Mutual expands open market annuity service

Posted in: Corporate Last updated: 29 Apr 2013

An annuity service launched by Engage Mutual to locate the best open market annuity purchase for its pension customers has proved so successful it is being expanded.

Now, not just Engage Mutual customers but anyone with a personal pension who is approaching retirement can use the Engage Mutual Annuity Service free of charge to shop around for the most competitive annuity rates.

The service, which is provided through leading retirement annuity broker, Key Retirement Solutions (KRS), is designed to be as straightforward and efficient as possible, with a dedicated team of specialists available to deal with customers’ needs.

A short fact find to assess pension entitlement and personal circumstances is followed by a pre-retirement report detailing the available annuity choices for individuals.  Should they opt to take up the offer, the Engage Mutual Annuity Service then arranges for the smooth transition of pension funds.

Speaking of the service Karl Elliott, sales and marketing director at Engage Mutual, said:

“Two out of three people either don’t shop around for the best deal, or are not aware they don’t have to use their current pension provider to provide an annuity for them.

“This open market service has been on offer to our pension customers for over a year and we have received a great deal of positive feedback. As a result we have taken the step of opening the service to all.”

The service is free with no obligation to proceed.  Its integrated approach is central to realising the best annuity rates for customers. The service conforms to the Association of British Insurers (ABI) code of practice, which states customers must be made aware of all annuity options.

Dean Mirfin, group director of Key Retirement Solutions added:

 “Over the past year we have worked hard to demonstrate that a straight to open market service can work effectively and provide a great customer experience. We are extremely pleased that Engage Mutual has recognised this and wants to offer the service to its wider customer base.

“This comes just as the ABI code has come into force and ensures that from the outset the customer is at the centre of the service by offering a whole of market offering directly to them.”