Pension SuperHaven (PSH) has partnered with Retirement Line to enhance its offerings for turning pension pots into lifelong pensions.
Pension SuperHaven allows DC retirees to convert their assets into a higher income than an annuity might deliver. It achieves this through an occupational DB scheme supported by the Pension Protection Fund, with the possibility of cash bonus payments if markets perform strongly.
The partnership includes a ‘best price promise,’ where PSH will reject savers if Retirement Line provides a better annuity rate.
PSH is debuting as an occupational pension scheme, managing bulk transfers from cash balance plans and providing guaranteed lifetime pensions with shared benefits.
Individual savers who transfer to master trusts will also be eligible for the scheme.
Pension SuperFund Capital provides financial support for PSH’s guarantees, to help the 700,000 retirees who do not have clear pension options each year.
AgeWage, a software business that prioritises value for money, will continue to support this service.
Retirement Line Director of Propositions & Corporate Partnerships Mark Ormston says: “We have co-created and perfected software that gives savers an instant comparison reading between PSH and the best annuity available on the open market. This innovation enables savers to quickly compare the offerings, providing transparency and peace of mind. The service is designed to help the saver select the best product for them. Let the best offering (and rate) win!.”
Pension SuperHaven co-founder Edi Truell says: “We are delighted to partner with a leading name in the industry such as Retirement Line in what is another key and exciting moment for the development of PSH. Even disregarding the investment bonuses PSH will pay savers from its surplus, the underlying guarantees and data show that for all but the later stage of life customers, PSH offers fundamentally more income for the saver’s pot. However, don’t just take our word for it, try our comparison tool.”
AgeWage chair Henry Tapper says: “Our research shows that 80 per cent of savers communicate a desire to swap their pot for a consistent income to be paid as long as they live. However, just 10 per cent actually end up buying annuities. The market has been waiting for a solution like PSH to come along and we are delighted to launch and partner with such an impressive market leader as Retirement Line. We are proud to be able to help consumer’s make more informed choices for a better future.”