TenetRetirement Solutions has launched a non advised annuity desk to help advisers find the best annuity option for clients with small pension funds.
The new service promises a 48 hour turnaround and no compliance liability. Upon referral TenetRetirement Solutions deals with all administration and issues a comprehensive report and buyers guide.
As the process is conducted on a non advised basis there is no requirement for a factfind and there are no fees for the client or adviser.
The process is started by completion of a one page questionnaire and an accompanying letter of authority. Both impaired and standard annuity rates can be sourced. Enhanced commission terms are paid on completion of the case
The service is available to both appointed representatives as well as directly authorised IFAs.
"The new annuity referral scheme is likely to have great appeal right across the market, but particularly for smaller pension funds, as an estimated 70% currently have less than £35,000 total value," said distribution & development director, Keith Richards.
"Advisers have tended to concentrate on larger funds, as the amount of time and effort required to process small fund values will often not generate enough commission to cover their costs. The referral service therefore extends an adviser's own service proposition."
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