The two partnerships have been extended for five years through to 2028, building on the already successful long-term relationships with both providers, following the partnership with Aegon beginning in 2016, and with Prudential in 2019.
23 May 2023
Through the partnerships, Aegon and Prudential customers interested in the option of a guaranteed income in retirement are introduced to Legal & General, who can then provide more information on annuity options or an annuity quotation.
Legal & General can also help customers find the best rate available through its whole of market annuity comparison service, Annuity Ready.
The renewal of these latest introducer agreements follows arrangements similar with ReAssure, Sun Life of Canada, AON, and PensionBee.
Lorna Shah, Managing Director, Legal & General Retail Retirement: “We are committed to helping people plan their finances in retirement, and see the financial security an annuity can offer as a potential key building block to helping people fund their retirement years. Our research indicates that nearly one million (990,000) pre-retirees, those aged over 55 and still in work, are considering annuities for the first time, due to improved rates against the backdrop of rising living costs1.
“We are delighted to have renewed these partnerships with both Aegon and Prudential for another five years and see the continuation of these strong and collaborative relationships as a reflection of the fantastic customer outcomes our teams have delivered.”
Andy Manson, Chief Marketing Officer at Aegon: “Legal & General share Aegon’s commitment to delivering the best possible outcomes for customers and we are thrilled to extend what is a valued and trusted long-term partnership. We’re looking forward to continuing working collaboratively with the L&G team over the next five years to ensure our customers have the most competitive range of annuity options available to them in the market.”
1 Research was carried out online by Opinium Research amongst 2,003 UK adults aged 55+ who are still in work between the 8th-17th November 2022. Pre-retirees relates to those aged 55+ who are still in work.
According to ONS statistics there are over 6,000,000 UK adults aged 55+ who still work. 16% of working adults aged 55+ who had not previously considered an annuity are now considering one because of interest rates and cost of living. This equates to 990,000 UK adults.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022