Pensions  

O&M launches annuity comparison tool

The comparisons are included free of charge to users running the latest version of those systems in conjunction with their Assureweb account.

O&M Profiler makes multiple requests via Assureweb for different annuity shapes. As the results are delivered, they are plotted graphically to show the impact on the client’s future income.

The tool calculates when an increasing annuity overtakes a level annuity, how many years it takes to break even and what is the initial return from the annuity.

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The tool also produces a six-page client annuity options report, branded to the adviser’s corporate style.

Graham Miller, director of O&M, said: “There is no shortage of sources for annuity quotes, so we needed to add value and deliver more than just a rate comparison.

“We’ve launched with lifetime annuities today and are working on fixed term and investment linked products currently.

“O&M is well on its way to a complete ‘at retirement’ solution, following the release of our income drawdown tool in July.

“The Assureweb link has enabled this product to come to market very quickly and we hope to complete the product suite in the first quarter of 2014.”

Vanessa Owen, head of annuities and equity release of LV, said: “As a provider of pension drawdown and annuity retirement income solutions we recognise the challenges advisers face sourcing the information they need to deliver a comprehensive recommendation.

“The tools O&M are developing will take away much of that pain leaving the adviser and client able to concentrate on how to use the different types of retirement income product to best effect.”