MGM Advantage, the annuity specialist which is set to launch a broader suite of at-retirement income options, has created a new director role to oversee pricing and underwriting across its existing and upcoming product areas.
Phil Naylor, a 20-year industry veteran who is a fellow of the Institute of Actuaries, will step into the newly created role of pricing and longevity director.
In a statement, MGM said he will manage underwriting and pricing for the annuity portfolio, as well as help developing the retirement account that is set for launch before April. Announced in November, the product is expected to include among other things a flexible drawdown option.
Mr Naylor was most recently at Legal and General, where he was director of individual retirement solutions, managing a team responsible for the annuity proposition.
Craig Fazzini-Jones, chief operating officer of MGM Advantage, said: “2015 is going to be a momentous year for the pensions industry so to have someone of Phil’s experience on the team will be invaluable to us.”
Mr Naylor added: “We are entering a period of significant change, with the spotlight firmly on the retirement market. It is a great time to be able to join a company which has ambition and is in a strong position to be able to continue to support customers and their advisers.
“There is still clear demand from the market for sustainable lifetime income products so I look forward to working with colleagues to help develop our proposition to continue to meet customer needs.”
MGM was one of several firms hit hard by the pension freedoms announcement in March last year, confirming shortly afterwards that it would be making 80 redundancies as it predicted the annuities market would remain subdued.
ashley.wassall@ft.com
