Legal & General (L&G) has extended its partnership with HSBC UK to enable customers to directly explore annuities as part of their retirement income options.
HSBC UK customers can now access the L&G annuity service via the bank’s website. If a customer requires advice, they will be referred to HSBC UK’s financial advice team.
Strong market conditions have led to demand for annuities, alongside improved awareness of the financial stability and security offered by a guaranteed income.
“Our continued collaboration with HSBC UK enables us to give more customers control over their retirement planning,” said Laura Mason, CEO of L&G Retail.
“Looking ahead, we expect substantial growth in this market over the next decade as the first waves of ‘Defined Contributions-only’ customers begin to retire and explore the most effective ways to manage their retirement funds.”
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This partnership builds on existing collaboration between the brands with HSBC UK customers already able to access L&G’s intermediated product suite of life insurance, income protection (IP) and critical-illness cover (CIC).
Xian Chan, head of wealth at HSBC UK, added: “We’re committed to offering our customers a range of retirement solutions that meet their needs.
“Offering an annuity product through our partnership with L&G meets a genuine customer need for those looking for long-term stability and a guaranteed income for their retirement.”
