‘Annuity service aims to cater for smaller pots’

Matt Timmins, joint managing director, said the compliance and business support company created the Simply Annuities service to cater for clients who “were not comfortable paying an explicit adviser charge”.

The proposition involves partners Annuity Line, which has been offering a service through Simply Annuities since the start of the month, and Partnership. It is understood that Partnership’s offering is still in the pipeline, with no launch date confirmed as yet.

Mr Timmins said: “There has been an increase in demand for a referral service for annuity business, particularly for smaller case sizes where clients may find it unpalatable to pay an adviser charge which looks disproportionate to their fund size and advisers are unable to reduce their standard fee due to the time involved, paperwork and risk.”

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Adviser comment
Bruce Royston-Smith, director of Hampshire-based Advance Financial Planning, said “I have used the new service. I was approached by a client with serious health issues who was interested in purchasing an annuity. It’s not an area in which I do a lot of business so I knew it would require a great deal of time spent on research. The service saved me an awful lot of time and removed the prospect of any compliance risk.”