Legal & General has partnered with HSBC UK to allow customers to directly explore annuities as part of their retirement income options.
Via the HSBC UK website, customers can access the L&G annuity service and apply directly for an annuity through L&G.
Those who require advice will be transferred to HSBC’s UK financial advice team to support them.
Laura Mason, CEO of Retail at L&G, said: “Our continued collaboration with HSBC UK enables us to give more customers control over their retirement planning.
“We’re proud to be the leading annuities provider in the open market. Looking ahead, we expect substantial growth in this market over the next decade as the first waves of ‘defined contribution-only’ customers begin to retire and explore the most effective ways to manage their retirement funds.”
Demand for annuities has grown in recent years and last year L&G achieved “record” sales of more than £2 billion. Growth has been driven by strong market conditions, as well as increasing awareness of the benefits of a guaranteed income, including financial stability and security, the provider said.
Xian Chan, head of wealth at HSBC UK, said: “We are committed to offering our customers a range of retirement solutions that meet their needs. Offering an annuity product through our partnership with L&G meets a genuine customer need for those that are looking for long-term stability and a guaranteed income for their retirement.”
The partnership builds on an existing collaboration between both parties, as HSBC UK customers already have access to L&G’s intermediated product suite of life insurance, income protection and capital illness cover.
Main image: cytonn-photography-vWchRczcQwM-unsplash
