In order to tap individuals with small pension pots, Heath Lambert has joined hands with Partnership to launch an online, direct-to-customer annuity buying service.
The service will allow people to shop around for annuities form a list of 10 service providers and will be exclusively offered to the members of Diabetes UK for the first three months.
The new online platform relies on Partnership’s medical underwriting system and asks users 10 different questions to determine if they qualify for enhancement on their annuity.
For each member that signs up for the service, Heath Lambert will pay commission to Diabetes UK.
“The majority of people do not trawl the market for the best income when converting their funds into an annuity”, said Stuart Grennan, director of Heath Lambert.
“It is remarkable that leading pension providers have effectively got away with this for so long”, he added.
“There is a compelling need to change consumer behaviours and I believe Heath Lambert’s system has the potential to do this”, said Andrew Megson, managing director of Partnership.
“It puts the customer first by simplifying the annuity purchase process and provides immediate quotation and transaction capability”, he added.
The 10 service providers listed on the online service are Partnership, Just Retirement, Hodge Life, LV=, Aviva, L&G, Prudential, Aegon, Living Time and Canada Life.