Lorica Employee Benefits has teamed up with Annuity Direct to provide a new service to help employees make the best annuity choice when they retire.
The launch of the service is also reflective of changes in retirement planning rules, the latest being the government’s intention to raise the official retirement age from 65 to 67.
Tobin Murphy-Coles, commercial director of Lorica Employee Benefits, said: “As an industry we have worked hard to ensure employees build their pension fund to achieve their retirement aspirations, but before now individuals have often been left to their own devices, or at the very least, in the hands of their pension providers when it comes to realising that fund as long-term income.
“This is often the biggest financial decision a person will ever make, and it is time to make a change to support employees, their families and give employers peace of mind.
“The impact is that the uninitiated could hugely impact their annuity by clicking a button, saying yes to the wrong product or even saying yes at the wrong time. Employees need advice at this time, just as much as they want it to build their pension funds during their careers.”
Katherine Oxenham, financial planning director at Annuity Direct, added: “We are delighted that Lorica has selected Annuity Direct as its retirement advice and planning service.
“The retirement landscape has changed dramatically, and independent annuity and pensions advice for employees at the point of retirement has become a vital tool.”
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