12 November 2013
Guy Simmonds, Head of Product – Protection & Investments, Nationwide Building Society, said: "We welcome the launch of the 'Pick-A' directory of retirement specialists from the Pension Income Choice Association (PICA). Anything that helps customers to shop around for a better deal on annuities and enables them to locate advice is going to be a benefit.
"Nationwide has helped thousands of customers to shop around for the best annuity deals. Our customers, on average, have enjoyed a 20% uplift on the annuity rate offered by their existing provider. In addition, 53% of our customers have qualified for an enhanced annuity. As a result, we have enabled our customers to secure a more comfortable and secure retirement.
"Annuities can be confusing and our customers are telling us that they are baffled by the amount of paperwork and confusing options when it comes to retiring. The availability and provision of advice is an essential step in helping customers maximise their income in retirement."
Pre-launch registration by intermediaries for PICA's 'Pick-A' directory opens this week, with the aim for retirement specialists to be part of a consumer focused directory, helping many more pension savers to receive professional support when shopping around for a pension income. The Pick-A directory can be found out at
Nationwide's Annuity Service is available to all customers approaching retirement with a total pension pot from £18,000. It is available on an advised or non-advised basis and outlines customers' financial options in retirement and supports them throughout the application process.
It provides access through to a panel of leading annuity providers, carefully chosen and regularly reviewed by Nationwide on the basis of their financial strength, customer service and competitive rates. There are currently six on the panel: Aviva, Canada Life, Just Retirement, Legal & General, LV=, and Partnership.
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest
providers and a top-three provider of
mortgages in the UK. It is also a major provider of
Nationwide has around 15 million members.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.