Prudential UK and Barclays have signed a new agreement that will see Prudential become the preferred supplier of conventional annuity products to Barclays's retail customers in the UK.
As part of the agreement, Prudential will establish an annuities desk within its PruDirect distribution business, through which Barclays customers can enquire about a range of annuity options and features that are available to them. The agreement will take effect later in 2007 and will run for five years.
Gary Shaughnessy, managing director of Prudential retail life and pensions, said: This agreement is further recognition of Prudential UK’s expertise and strength in the annuity and retirement market where we are a market leader, making annuity payments to around one million people. It also builds on Prudential’s already strong relationship with Barclays and we look forward to working closely with them to help maximize value for their customers.
Stephen Ingledew, commercial director of Barclays financial planning, added: We’re delighted to be able to offer Prudential’s award winning proposition to our customers. This relationship is another example of the importance Barclays financial planning is placing on helping people plan confidently for their retirement.