Just Retirement improves shopping around process

Just Retirement, the market leader in the enhanced annuity market, is launching an innovative new service to help improve the way customers shop around for a retirement income solution.

The service will ensure customers get the best possible opportunity to increase their income.

The new service, which will operate on the Openwork network, goes live today. It is run by a dedicated team of medical professionals who conduct a short telephone interview with a customer. This enables the qualified team to get enough details to assess the individual's circumstances to ensure that Just Retirements' underwriting systems deliver the best possible retirement income for the customer.

Approximately 1 in 6 people benefit from an enhanced annuity and the higher level of income compared to a conventional lifetime annuity. However, research conducted by Just Retirement estimates that up to 3 in 5 customers could benefit.

Stephen Lowe, director at Just Retirement said: "Hundreds of thousands of retirees are missing out each year on the opportunity to secure higher levels of income from their pension savings. Just Retirement's innovative new service, is an important step in ensuring thousands more people don't miss out."

A study undertaken by Oxford Economics on behalf of the Pensions Income Choice Association in October 2009, showed that individuals could attain an estimated £3.3bn additional pension income between 2010 and 2030 if they were to shop around on the market for a better deal.

Lowe continues: "Improving outcomes for pensioners selecting a retirement solution is a major priority for Just Retirement. We plan to launch further solutions during 2011 to help financial intermediaries, trustees of occupational pension schemes and end customers gain access to more efficient and effective ways to convert retirement savings to improved retirement income outcomes.

At a time when customers' household budgets are being placed under pressure, squeezing out the very best level of income from their pension pots is vital. Financial intermediaries must ensure they have undertaken strong due diligence to ensure they select access services that deliver this promise."