20 Sep 2019
Legal & General agrees individual annuity deal with Prudential
Legal & General’s Retail Retirement division has today announced the signing of a new introducer agreement with Prudential.
- Legal & General Retail Retirement has secured a new introducer agreement within its Retirement Income division, to provide annuities to Prudential customers with guaranteed annuity rates
- The new deal is expected to increase Legal & General’s individual annuity new business by 15% in the first year
- The transaction follows the recent acquisition of MyFutureNow and is the division’s fourth introducer deal
As part of the arrangement, from 1 November 2019, Prudential customers with guaranteed annuity rates* will be introduced to Legal & General. The agreement reflects Legal & General’s commitment to the annuities market and is the fourth of its kind for the FTSE 100 financial services company, following similar arrangements with AEGON, ReAssure and Sun Life Financial of Canada.
All guaranteed benefits will be honoured by Prudential and fulfilled by Legal & General, who will also compare the whole market to see if the rate can be improved on, assisting customers to obtain a better rate if one is available.
Read the full press release via the link below
For many retirees, we believe annuities can play a central part in retirement planning. I’m therefore delighted to announce we are partnering with Prudential to offer their customers the option of a guaranteed income from an annuity.
Emma Byron, Managing Director, Legal & General Retail Retirement Income