Marvin OnumonuLegal & General (L&G) has teamed up with HSBC UK to let customers look at annuities as part of their retirement income choices.
Customers can now go through the HSBC UK website to access the L&G annuity service and apply for an annuity directly with L&G.
They can also check and apply for the best rates on the market.
If advice is needed, customers will be sent to HSBC UK’s financial advice team.
The partnership builds on L&G and HSBC UK’s current relationship, with HSBC UK customers already able to get L&G’s life insurance, income protection and critical illness cover.
Laura Mason, CEO, retail at L&G, said: “Our continued collaboration with HSBC UK enables us to give more customers control over their retirement planning.
“We’re proud to be the leading annuities provider in the open market – a clear reflection of the strength of our propositions and the investments we’ve made in digital innovation to improve customer experience.
“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.”
Xian Chan, head of wealth at HSBC UK, said: “We are 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 that are looking for long-term stability and a guaranteed income for their retirement.”
