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About Us

 
Financial security

Partnership is a well capitalised and solvent privately owned company. It is regulated by the Financial Services Authority (FSA), meaning that it has to meet the FSA's requirements regarding its capital position and solvency in exactly the same way as major listed companies such as Prudential and Norwich Union.

The most recent independent validation of Partnership's financial position was issued by AKG Actuaries & Consultants Ltd, a consultancy company which specialises in analysing the financial strength of life assurance companies. This report was published at the end of November 2010 and rated Partnership 'B' (strong) for financial strength. Read full report AKG 2010.

Partnership is backed with capital provided by its Senior Management and by Cinven, an independent investor. It is Partnership’s substantial financial backing that has given us the freedom to focus on what we do best - developing and delivering enhanced financial plans for people in ill health. Read full Reports & Financial statements by following the links  2009  and 2010. 

Investment Policy
Partnership has always taken a prudent approach to investment to ensure the best level of security for policyholders whilst maintaining competitive annuity rates. Our investment policy  matches, as far as possible, our asset exposure to that of our liabilities. Primarily this means investing in corporate bonds and other low risk assets such as equity release assets. Investment decisions are overseen by the Chief Investment Officer who ensures that our board approved risk policy is implemented efficiently to protect the financial strength of the company whilst maintaining competitive annuity rates. 

Reinsurance
We always have access to a panel of reinsurers to reduce our exposure to any one organisation. We have built up strong, long-term working relationships with several global reinsurers, all of whom are prepared to follow our underwriting basis. Through these relationships approximately 78% of our annuity payments in 2009 were recovered from reinsurers, thereby signifcantly improving our policyholder security.

Introduction to Partnership

Partnership is the longest established UK insurer specialising in the design and manufacture of financial products for people whose health and lifestyle means that their life expectancy is likely to be reduced. Read More >

Background

Partnership Assurance (“Partnership”) was formed in October 2005, following the demutualisation and management buy out of the Pension Annuity Friendly Society (PAFS). Read More >

Philosophy

To provide better value financial solutions for people in ill health. Read More >

TCF Policy

The FSA's Treating Customers Fairly (TCF) initiative is one of a number of the regulator's priorities to help customers achieve a fair deal and maintain confidence in the financial services industry. Read More >

Corporate Responsibility

Partnership’s CR policy is rooted firmly in our principle value of Fairness which underpins our business and the way in which we conduct ourselves with our customers, business partners, staff, stakeholders and the environment. Read More >

Testimonials

  • "Annuities4u Limited has always had an excellent working relationship with Partnership in the enhanced annuity market. They deliver a first class, personal service with their staff always willing to go that ‘extra mile’. As well as their rates being competitive, Partnership demonstrates their expertise in this market by constantly improving their service proposition. This ensures that we can maximize the levels of income for our clients to suit their circumstances and needs."

    Richard Houghton, Director



  • "I had a heart bypass on 22nd November 1982 and I retired on 22nd December 1995. I recommend any person about to retire with a medical problem to contact Partnership."

    George Bexley, a Pension Annuity policyholder


  • “Every time I have dealt with Partnership they have been nothing short of professional, helpful and speedy in their response. Many of my clients have been surprised to find out how much extra they can get from their pension annuities thanks to Partnership's expertise in medical underwriting. In particular, their approach to impaired spouses has been of tremendous benefit and has allowed several more of my clients to receive higher annuity payments. It's a pleasure doing business with them.”

    Mike Hardy, Annuities Manager for Park Row Group plc


  • “I have been dealing with Partnership for some years and out of all the providers of insurance products, they are head and shoulders above the rest. Whenever a problem crops up (not very often), there is always someone at Partnership I can talk to, and invariably a solution is found. Their service standards are second to none and I look forward to many more years of business with Partnership.”

    Richard Tingey, Director, Capital Care Financial Services Ltd


  • “Over the eight years or so I have been using Partnership, the organisation has always been prepared to listen and develop solutions for clients, which is not only very refreshing in this day and age but has also lead to a first class, uncomplicated and easy to use service. So a big thank you from the `silent majority`!”

    Mark Oswell, Regional Manager, Care Asset Management Limited


  • “I have been advising the elderly for many years and I am enthused by Partnership's approach to the long term care market. The approach to marketing is refreshing and the key features clear and comprehensive. Many advisers and their clients will no doubt benefit from the support offered by Partnership.”

    Nicolette Gardner Chambers & Co


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Current Vacancies

Role

Department

Location

 

Telephone Account Manager

Sales

London

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Defined Benefit On-boarding Specialist

Retirement

London

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Pension Specialist- DB Solutions

Marketing

London

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Product Specialist

Marketing

London

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Management Reporting Analyst

Board

London

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Internal Auditor

Board

London

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Customer Service Representative - Enquiries Telephony Team

Service Delivery

Redhill

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Recruitment Adviser

Human Resources

Redhill

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Senior HR Adviser

Human Resources

London / Redhill

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HR Systems Administrator

Human Resources

Redhill

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Head of Compliance Monitoring & Training

Compliance

London / Redhill

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Senior Finance Systems Accountant

Finance

London

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Customer Journey Manager

Marketing

London

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Statistical Analyst

Retirement

London

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Process Analyst

Service Delivery

Redhill

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Service Delivery Administrator

Service Delivery

Redhill

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Credentials
  • ABI
  • Safe Home
  • ILAG
Meet the Board
prev next
  • Steve Groves
    Steve Groves
    Chief Executive Officer
    Steve Groves joined Partnership in March 2005 as the Chief Finance Officer. His previous role was as the Senior Admin Re Actuary for...
    Read More >
  • Ian Owen
    Ian Owen
    Chairman
    Ian Owen is a fellow of the Institute of Actuaries. He was formerly Managing Director of Zurich Personal Lines, Managing Director of Eagle Star...
    Read More >
  • Mark Dearsley
    Mark Dearsley
    Chief Financial Officer
    Mark Dearsley joined Partnership in February 2009 from Savills plc, the FTSE 250 property adviser, where he was Group Finance Director...
    Read More >
  • Andrew Megson
    Andrew Megson
    Managing Director of Retirement
    Andrew Megson was previously Sales Director of Just Retirement where he held primary responsibility for the strategic and practical...
    Read More >
  • Chris Horlick
    Chris Horlick
    Managing Director Care
    Chris Horlick began his career as a Royal Marine. Following the completion of his five-year commission he joined Barclays Bank’s Corporate...
    Read More >
  • Jane Kennedy
    Jane Kennedy
    Chief Operating Officer
    Jane Kennedy joined Partnership in August 2006 as Operations Director from Global Home Loans, where she was Head of Customer Service...
    Read More >
  • Ged Hosty
    Ged Hosty
    Managing Director of Equity Release
    Ged is Managing Director of Partnership’s Equity Release Division. Ged has over 20 years’ experience in the financial services sector
    Read More >
Company statements
  • Annual Report December 10
  • Half Yearly Review 2011
  • Company Profile and Financial Strength - AKG Report 2010
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