Just Retirement Solutions (JRS) and The Open Market Annuity Service (TOMAS) are merging to create a single at-retirement firm called Hub Financial Solutions, with Graham Jarvis appointed today as its director of distribution.
Hub, which is part of Just Group, the company created by the merger of Just Retirement and Partnership Assurance, will become the UK’s largest guaranteed income for life distributor.
The combined business will service around 5,000 people a month from web, over the telephone and face-to-face. It offers at-retirement services to UK corporates, pension scheme trustees and to their customers and pension scheme members through regulated advice, guidance and broking solutions.
The new combined business will support over 50 corporate partners and their customers as well as delivering client services on behalf of EBCs to pension scheme trustees and the individual members of around a quarter of FTSE 100 pension schemes.
Its guaranteed income for life business turns over approximately £300m of investments a year, with approaching £200m more in drawdown, equity release and long-term care.
Jarvis was formerly director of workplace propositions at Staffcare, the employee benefits platform that was sold to SimplyBiz.
Hub managing director Simon Gray says: “The two businesses, TOMAS and JRS, complemented each other and it made complete sense for us to bring them together to achieve synergies and create a more powerful combined business. Together we are stronger and we are combining our skills and resources to enable us to better meet the needs of our corporate clients and their individual customers.”
Jarvis says: “The world of retirement is changing as more and more people rely on DC assets to fund their retirements. These savers will need innovative new solutions to make the most of the options available to them and Hub, as part of Just, is ideally placed to help people with these choices. I’m really looking forward to joining HUB and working with its propositions, people and culture.”