Legal & General agrees individual annuity deal 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.