Introducing our __guaranteed annuity rate service__

If you're a financial institution with a guaranteed annuity rate (GAR) liability, we can solve potential regulatory, risk and commercial issues for you.

Our guaranteed annuity rate service places the policy with an external annuity provider at the cheapest cost for you.

This provides optimal outcomes for both you and your policyholders in one seamless journey.


__How the service works__
  • The guaranteed annuity rate (GAR) service is a non-advised phone-based service.

 

  • We provide education for customers so they fully understand their options, the value of the GAR and the consequences of their choices.

 

  • We then use the customer’s personal details and desired annuity ‘shape’ to determine whether the best open market rate is higher than the GAR rate.

 

  • If the open market is the better option, we'll secure it on the customer’s behalf using current best practices. If the guaranteed annuity rate is higher, we’ll secure it on the customer’s behalf at the cheapest cost for you.

 

  • We’ll then handle all the administration and support them through the application process until the policy is live.
__Benefits to you__
  • Helps you to meet your regulatory obligations through a robust process of customer education.

 

  • Reduces capital reserving obligations by ensuring that the GAR is purchased at the lowest possible price.

 

  • A service that’s quick to deploy and can be integrated with your existing processes.

 

  • Provides an option for you to exit the longevity market.
__Benefits to the member__
  • An understanding of the GAR, its value and what it means for them.

 

  • All the information they need to make an informed decision.

 

  • The highest level of guaranteed income for life, either through the GAR or the open market.

 

  • A dedicated case-handler to support them through the application process, making sure it’s completed as efficiently as possible and providing them with regular updates until the policy is live.


The guaranteed annuity rate service is provided by HUB Financial Solutions.