In an interesting move Pearl pension policyholders will be offered Prudential annuities when they reach retirement. This agreement will remain in place for the next five years and starts in September.
Our view
As de-polarisation comes into play - more and more providers are starting to adopt competitor products. In simple terms if an insurer cannot afford to be competitive in a particular sector then they can opt to sell one that is.
We beleive this will only add to the confusion that pension holders have. They have the right to search the whole market at present anyway. This is just an attempt by insurers to keep the "broker" out.