Just Retirement, a new insurance company spin off from the staff of ex Britannic Retirement solutions staff, looks set to shake the pensions market with the launch of a new pension annuity where part of the rate that you receive will be based on your address.
Our view
Many of you may be aware that when you retire you pension fund is then generally invested in an annuity. An annuity is a lump sum payment in that then guarantees to pay an income (the annuity) for the rest of your life. You can get additional income based upon things like your age, your health etc.
Just Retirement may revolutionise the market with the much needed and requested "post code" approach.
In simple terms, if you live in the North the perception is you eat "fried chocolate bars" and indeed, one member of our team recently saw on TV, a child eating a "fried pizza"!
No wonder our life expectancy in certain areas of the country is lower.