Prudential director leaves for annuity provider

Prudential director leaves for annuity provider

Prudential’s director of consumer and digital has joined Key Retirement’s fixed-term annuity provider Primetime Retirement.

Russell Warwick has been appointed managing director of sales and marketing at the annuity provider, putting him in charge of developing Primetime Retirement brand going forward.

Mr Warwick held a variety of sales and sales management roles at Prudential before moving into senior management.

Most recently as director of consumer and digital he was responsible for the company’s direct distribution strategy.

Prudential pulled out of the annuity market last year after withdrawing from the open market in 2016.

It created a panel of providers made up of Aviva, Just, Legal & General and Retirement Advantage to refer customers enquiring about annuities to.

The provider wanted to focus on the booming income drawdown market instead.

The annuity market suffered a blow after the chancellor’s pension freedom reforms of 2015, which effectively eliminated the need to buy an annuity for most people for the first time.

Many life companies stopped selling annuities, and several specialist annuity providers merged as the market for their product shrank.

During his 25-year-stint at Prudential, Mr Warwick was involved in the creation of Prudential’s advice arm Prudential Financial Planning, as well as a raft of strategy work, including the insurer’s response to the Retail Distribution Review. 

Primetime Retirement launched in 2006 and offers fixed term income plans ranging from three to six years.

The business said it had received a 281 per cent year-on-year increase in applications in 2017 and wanted to capitalise on future growth.

CEO of Key Retirement group Simon Thompson said: “Russell’s appointment is a crucial step in helping to develop and enhance the Primetime Retirement brand going forward.

 “As we look to evolve and expand the business, his extensive industry experience and expertise will make him an invaluable member of the team as we innovate and grow our range of products and services.”