Just Retirement acquires annuity service provider

Just Retirement, the life assurance provider for those at or in retirement, has announced an agreement to acquire The Open Market Annuity Service from Kerr Henderson.

The acquisition is part of Just Retirement’s goal to invest in further development of the open market option.

The Open Market Annuity Service provides systems and services that assist providers, advisers, trustees and benefit consultancies in streamlining the annuity advice process.

Michael Slevin, managing director at The Open Market Annuity Service, said: “Just Retirement provides the ideal partner to support the business while maintaining the independence of the annuity platform.

“We are delighted to have its backing as development of open market option is central to both businesses’ philosophies.

“We believe this investment will enable us to significantly increase the number of people exercising their right to shop around for a better annuity.”

Rodney Cook, chief executive officer of Just Retirement, added: “This is an important strategic initiative for Just Retirement.

“The Open Market Annuity Service’s work is critical to the continued growth in the use of the open market option for retirees in the UK, for which Just Retirement has campaigned since its formation.”

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