Legal & General Retail Retirement has announced an extension to its annuity partnerships with Aegon and Prudential.

The two partnerships have been extended for five years to 2028, building on the long-term relationships with both providers.

L&G has been in partnership with Aegon since 2016 and has partnered Prudential since 2019.

Aegon and Prudential customers interested in the option of a guaranteed income in retirement are introduced to L&G, who can then provide more information on annuity options or an annuity quotation. L&G can also help customers find the best rate available through its whole of market annuity comparison service, Annuity Ready.

The renewal of these latest introducer agreements follows similar arrangements with ReAssure, Sun Life of Canada, AON, and PensionBee.

Managing director at L&G Retail Retirement, Lorna Shah, said: “We are committed to helping people plan their finances in retirement, and see the financial security an annuity can offer as a potential key building block to helping people fund their retirement years.

“Our research indicates that nearly one million (990,000) pre-retirees, those aged over 55 and still in work, are considering annuities for the first time, due to improved rates against the backdrop of rising living costs.

“We are delighted to have renewed these partnerships with both Aegon and Prudential for another five years and see the continuation of these strong and collaborative relationships as a reflection of the fantastic customer outcomes our teams have delivered.”

Chief marketing officer at Aegon, Andy Manson, added: “L&G share Aegon’s commitment to delivering the best possible outcomes for customers and we are thrilled to extend what is a valued and trusted long-term partnership.

“We’re looking forward to continuing working collaboratively with the L&G team over the next five years to ensure our customers have the most competitive range of annuity options available to them in the market.”

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