Just Retirement hires as it looks to develop products

Just Retirement Group has appointed Hugh McKee as managing director of Just Retirement Limited, the group’s life insurance company, and Paul Turner has been appointed as group director of business development.

Both roles report to Rodney Cook, chief executive of Just Retirement Group plc, and are members of the group executive committee. The appointments are subject to regulatory approval.

Mr Cook said: “As we enter the next stage of the group’s development I am pleased to announce the appointment of Hugh McKee and Paul Turner to the leadership team.

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“We will benefit from their significant international and UK market experience as we pursue further product and market extensions within the business.”

Last month, Just Retirement announced it will be cutting £14m in costs ahead of a likely plunge in annuity sales following the Budget in March, which it said has already reduced sales volumes for individual annuities by around half.

Although the group revealed in its interim results that it saw a strong rise in individual annuity sales in the first quarter of this year, Mr Cook admitted that in the final two weeks of March, annuity sale volumes halved.