M&G ramps up retirement focus with new campaign, product

M&G is deepening its drive into the UK retirement market with a new product and a campaign focused on outdated perceptions of later life.

Last week saw M&G launching a new annuity product, the Prudential Guaranteed Income Plan. This offers a guaranteed income for a fixed term between five to 15 years, with a minimum investment of £10,000.

The latest sign of M&G’s growing focus on the retirement market, this followed the firm launching a new initiative which aimed to reframe perceptions of later life.

M&G released research showing that 58% of those not retired in the UK believe the way retirement is written, talked about or portrayed is uninspiring, while 55% say it doesn’t reflect the life they want to lead.

To highlight this, M&G released two sets of imagery. One was an AI-generated depiction of the stereotypes around day-to-day life in retirement, which it said painted “a rather outdated picture of what later life is”.

The second was aimed to contrast this by more accurately reflecting the rich variety of how individuals enjoy later life today.

At the same time, it launched its Agenda for Change, a set of recommendations for individuals, government and industry. It calls for a review of how retirement is portrayed, of financial education provision, better access to affordable financial advice and the creation of a clear roadmap on the future of auto-enrolment.

The move comes after M&G hired a new director of distribution for its individual life and pensions products.

Chris Hudson joined from Standard Life, where he spent just under three years as MD for Retail & Intermediary. He previously held roles at LV=, Aviva and Aegon.

His role will see him in particular pushing the PruFund range of funds, which are an investment vehicle primarily aimed at retirees.