MGM Advantage hires annuity innovator

MGM Advantage has appointed Peter Carter to head of product, meaning he will be responsible for the development of the provider’s retirement income products.

Mr Carter has worked at MetLife and Canada Life in the past.

According to MGM Advantage, Mr Carter developed one of the first flexible annuities, and while at MetLife, was product marketing director, responsible for the design and development of MetLife’s UK wealth management and guaranteed products.

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He will be reporting to Craig Fazzini-Jones, chief operating officer of MGM Advantage.

Mr Carter said: ‘The retirement income market presents a unique set of challenges at the moment; perceived poor value from annuities, low awareness of enhanced annuities, the need to shop around, increased regulatory scrutiny, volatile inflation and a low interest rate environment.

“My initial focus will be on developing the existing products to meet these challenges. I look forward to working with colleagues to deliver innovative solutions which meet customer needs while supporting the ambitious growth plans of the group.”