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Legal & General announces new measures to support advisers and customers
Legal & General is today announcing a number of measures across its Retirement Income division to support advisers and customers during the coronavirus pandemic.
1 May 2020
Extending annuity quote guarantee period
The retirement division is temporarily extending its quote guarantee period for advisers to secure an annuity rate, from 35 days to 45 days, in a bid to ease time pressures in light of normal business practices being disrupted. The extended guarantee period comes into effect immediately and applies to its Lifetime Annuity, Fixed Term Retirement Plan, Cash Out Retirement Plan & Lifetime Care Plan.
Phone lines for new business are open
Legal & General has confirmed phone lines for new business calls are now open. Advisers can get new business quotes via the portals and use Track My Apps to check progress on existing applications.
A signature-free application process
Due to the current logisitcal challenge of signing documents, Legal & General is temporarily accepting digital sign-off as an alternative to wet-ink signatures. Advisers can access the new editable application forms on the adviser centre.
‘In conversation with’ webinar series
Legal & General is running a regular ‘In conversation with…’ live stream series, bringing experts together to share persepctives on topical issues and current events. Advisers can view the series on demand, here.
Emma Byron: "We are all working in a challenging environment right now, and as an industry we need to think differently around how we can support advisers and their clients, many of whom are older and some vulnerable.We want to give our advisers and our customers reassurance in these uncertain times. We have therefore adopted a number of new practices to ensure that social distancing doesn’t prevent customers and their advisers from securing the guaranteed income that they need. By extending the annuity rate guarantee period to 45 days, we believe that more customers will be able to secure their annuity income."
Further information
Millie Hyde-Smith
Director of PR and Content
Legal & General Retail
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.