The service will give a wider spread of its policyholders access to cost-effective, fully regulated advice and a range of products to make the most of the opportunities created by the introduction of new “freedom and choice” pension rules.
Phoenix has an established introducer arrangement with Just Retirement to provide its retiring policyholders with access to potentially higher rates available on individually underwritten guaranteed income for life solutions. The new deal will allow retirees without a financial adviser to go through a simplified advice process which will deliver personalised recommendations about how best to deploy their pension money.
“We are delighted to be working more closely with Phoenix to help policyholders achieve better outcomes when they reach retirement,” said Stephen Lowe, group external affairs and customer insight director at Just Retirement.
“The reality is that taking pension benefits has become more complex due to the new rules, reinforcing the need for people with even relatively modest pots to seek financial advice in order to fully understand their options.
“In many cases these are people keen to avoid taking on investment risk and with a lower capacity for loss, yet still interested in keeping some funds invested. Simplified advice is the key to helping this group make better choices so they squeeze the best value from their pensions possible.”
Phoenix spokesperson Susan McInnes, Customer Director, said:
“The pension reforms add new flexibility, but also new complexity for our customers and we believe that most would benefit from receiving financial advice to help them understand their options. Just Retirement impressed us with a solution that is both innovative and robust, and offers cost effective advice and product solutions for our policyholders.”
Phoenix policyholders introduced to Just Retirement will go through the simplified advice and given recommendations based on their personal circumstances. Where issues such as debt problems arise or more complex advice needs are identified, such as inheritance tax planning or a requirement for higher levels of cash, the client will be diverted to a higher level of advice, either restricted or fully independent based on their personal circumstances.
|
