General Insurance Article - Transparency key in Partnership & Just Retirement merger

 Clients need to be reassured through clear channels of communication that the transition is seamless and that there will be no negative impact on their existing annuity contracts or the way or timing in which they will be paid.

 Equally, advisers need to receive clear notification about any changes to the business and reassurance that their clients will not be affected. The announced reduction in staff numbers also raises concerns as it could have an effect on the personal relationships that customers or advisers have with the business.

 In addition, with reduced competition in this market, it is essential that there is transparency of pricing and commission, as the public are keen to see that they are getting the best value for their money in all their retirement options. Being able to compare annuities alongside other retirement options, such as drawdown, is very important.

 Jamie Smith-Thompson, managing director, Portal Financial says; “I am sure a lot of things will become clearer over the coming months, but communication with advisers and existing clients will be key and it will be interesting to see what effect this merger will have on the pricing of future products. Bringing the two leading providers together could mean an acceleration of new product development and innovation, now that they are combining their expertise and claims data.”