Politicians have painted annuities as ‘toxic products’ but guaranteed income is the bedrock of retirement for the majority. Providers are betting on simplified advice to square the circle, writes Jenna Towler
A workable and affordable simplified advice framework must urgently be established to ensure ‘ordinary savers’ properly benefit from next year’s pension freedoms, delegates heard.
Life, pensions and investment company Royal London is seeking to provide its non-advised retirees with access to independent advice "at low cost" in the wake of the Budget pension freedoms.
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Royal London has reported a 45% slump in pre-tax profit in H1, pointing to regulatory charges as a key contributor, while its wrap platform Ascentric saw new business slide 20%.
Jon Taylor, head of the former Co-op life insurance business, is to replace Hugo Thorman as managing director of platform Ascentric.
Royal London has said it will continue to pay adviser commission on its workplace pension schemes - currently branded Scottish Life - until 2016.
Royal London new life and pensions business was up 18% to £989m in the first quarter of the year, with group pensions benefitting significantly from auto-enrolment.
The promise of guidance at retirement “does not go far enough” and a new form of retirement-focused advice must be created by the regulator, according to Royal London.
Royal London is embarking on its first television advertising campaign in over a decade in order push it's direct to consumer (D2C) offering to the public.
Royal London Group chief executive Phil Loney has called on the industry and regulator to come up with a "new form of advice" to service those at point of retirement and meet the challenge set by the Chancellor.
Royal London's operating profits for 2013 were up to £346m, with new business accounting for £70m of the gains.
Royal London has appointed a new head of intermediary business and chief financial officer in a management reshuffle.
Royal London Asset Management (RLAM) has reported a record year for external new business in 2013, with gross inflows up almost 70%, a highlight in a strong set of results for its life company parent.
The Royal London group has entered in to an agreement with funds advised by independent private equity firm Vitruvian Partners to support a management-led buyout of Royal London's offshore arm 360° and its subsidiaries for an undisclosed sum.
Royal London's Ascentric wrap platform has achieved a third quarter of record net new business, with £1.25bn of new assets for the year to date.
Royal London is scrapping the Scottish Life, Bright Grey and Scottish Provident brands to move to a single "master brand" for its UK life, pensions and investment businesses.
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