We’ve updated our annuity process

28 September 2016
To ensure customers approaching their retirement age choose the right annuity for them, we’ve updated our annuity process.

When the time comes for customers to choose their retirement options, we want to continue offering customers the same level of excellent service they’ve come to expect from Royal London. That’s why we’ve introduced our annuity bureau service. 

Our new annuity bureau service is made up of a panel of specialist annuity providers within the market, and will provide a service to those customers who have decided they want to buy an annuity, yet don’t want to use the services of, or no longer have a financial adviser.

And whilst Royal London strongly believes in the financial advice process and remains fully committed to the adviser market, we’ll never leave customers without the support they need. We’ll let customers guide us to ensure they make the right financial decisions that match their longer term interests.

Q&A’s about our new annuity bureau service:

Just like we do now, we’ll continue to send you a copy of the customer's retirement options pack 6 months and 3 months before their chosen retirement age. Within these packs, we’ll detail each of their retirement options and we’ll direct them to yourself or Pension Wise for more information. 

Once the customer receives their pack, and they’ve decided that they want to buy an annuity, they’ll contact our Customer Service Team.  The Customer Service Consultant will then take the customer through the risk warning conversations and will help shape their annuity.  Once again during this conversation, the Consultant will remind the customer about speaking to their financial adviser or Pension Wise for more information.

If the customer is happy with the annuity that’s been shaped for them, and the annuity provider, we’ll send the client the documentation to complete and ask them to return it to their chosen annuity provider to complete the process.

No, our annuity bureau will not offer any financial advice to customers.  We’ll help customers who don’t want to use a financial adviser, choose an annuity to suit them.

We’ll continue to send you copies of the retirement options packs for your customers in the lead up to their chosen retirement age, so any time you receive these, you can engage with your customer about their retirement options. However if a customer decides to buy their annuity through our bureau service, we won’t contact you separately.

No they don’t. Not all of our customers will want to buy their annuity through our bureau service and that's ok. We appreciate that buying an annuity is a one off decision that will set the level of the customer's retirement income for the rest of their life, so it's important that they are comfortable with this decision or have time to shop around or seek advice from you as their financial adviser.

We'll only offer our new service to existing customers that contact us to inquire about buying an annuity, who no longer have an adviser or do not want to use the service of an adviser.

If we have already issued a Royal London annuity quote, we'll continue to process these, as long as the completed forms are returned to us by 22 October 2016.

Where the customer may benefit from a higher annuity through our annuity bureau service, we'll offer the customer the option of providing them with an annuity quote via our bureau.

If the customer wants to go with a provider from the annuity bureau, then they will need to complete new forms and return them directly to the new provider. Alternatively the customer can decide to go ahead with their Royal London annuity.

If you want to find out more about our annuity bureau service, speak to your usual Royal London contact.

About the author

Gemma Elliot

Senior Marketing Consultant

Last updated: 28 Sep 2016

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.