The firm has appointed Richard Parkin as head of retirement to oversee the development of a new proposition to be targeted at the UK’s burgeoning defined contribution pension market.
Ed Dymott, head of business development for Fidelity’s UK division, said: “Unfortunately far too many in the UK are not currently getting access to the quality solutions we believe should be readily available to those approaching and in retirement.
“As an industry we should be providing much better outcomes for pensioners in the UK. We have all focused for far too long on the accumulation of wealth and should be doing more to provide support for those who wish to take income in their retirement.”
He said Fidelity would be investing “significantly” in the next few years, with new products due to be announced in due course.
Mr Parkin will take up the role at the end of October.
Fidelity’s new service
Defined contribution pensions
Lisa Conway-Hughes, chartered financial planner for London-based Westminster Wealth Management, said: “The more companies coming into the market, the more competition there will be. When I’m researching annuities for clients, there are so few providers that I feel backed into a corner if a client just wants to consider an annuity.”