Specialist pension provider Just Retirement has seen a 26% increase in individual annuity sales as its merger with rival Partnership draws ever closer.
In August the two companies announced plans to merge under the name JPR Group. The deal is set to be completed by the end of the year, at which point Partnership chief executive Steve Groves will exit.
Ahead of the merger Just Retirement saw an increase in individual annuity sales in the three months to 30 September, 26% up on the preceding quarter and 7% up on the equivalent period last year.
Just Retirement chief executive Rodney Cook said the improvement showed the individual annuity market was ‘showing continuing signs of recovery’ after a period of falling sales following the announcement of the pension freedoms in the Budget 2014…Read more at New Model Adviser