Updated 4:03am 20 May 2013
Dec 1 2010 The Journal
RMT Financial Management Ltd, based in Gosforth Business Park has launched a new service this month.
The company now has an annuity purchase service for retirees who want to shop around the whole market to obtain the best possible income when they withdraw their pension.
This is a service that RMTFM has provided for its own clients for many years, and it has been offered to the employees of RMT’s corporate clients, but the company now has a dedicated service for anyone who needs a independent view of their pension options, especially if they wish to purchase an annuity to obtain a guaranteed income from their pension fund.
This is known as the open market option and the majority of retirees don’t make use of it, and could be missing out on the opportunity to increase their pension by finding the insurer with the highest rate of guaranteed income.
Mark Bowen, RMT Financial Management’s head of retirement services said: “We are determined to make as many people as possible aware of their open market option so they don’t miss the opportunity to shop around when they retire.
“This is important, because once an annuity has been arranged it is set for life and can’t be changed. Less than a third of retirees shop around for their pension at retirement, and the chance of someone’s present insurer being the one with the highest income paying annuity when they retire is very low.”
The annuity service opens up a third department at RMT Financial Management which already has private client and corporate services departments.
The company provides independent financial advice to individuals including a portfolio management service for private clients needing investment management and tax planning advice.
RMTFM also provides pension consulting services to companies with pension schemes, and has employee benefits services to assist employers in all aspects of employee benefits management.
:: RMT Financial Management Ltd is based at Gosforth Park Avenue, Newcastle upon Tyne, NE12 8EG. Call 0191 2569600 or visit www.rmtfm.co.uk