L&G has launched a digital application process for annuities which it says will save Financial Planners and advisers up to 14 days on each intermediated/advised application.

The launch will be piloted with select firms and be widely available in the second half of 2025, the firm said.

It comes as L&G announced a 48% surge in retail annuity sales totalling a record £2.1bn for 2024, up from just £1.4bn in 2023.

The company said the new digital L&G Apply moves annuity intermediaries away from paper-based applications, reducing the environmental impact and the associated posting, scanning and storage costs.

It said the digital approach also offers a more guided journey for advisers, reducing the possibility of mistakes as applications are clearly signposted and help is available at key points.

It promised consistent communication with advisers, automatically sending them a welcome pack and providing updates as the application progresses up to receipt of funds. L&G said by optimising the application process, it also ensures a more positive customer experience and frees up time and resources for advisers to engage more with their clients.

Cecilia Furner, distribution director, retail retirement at L&G, said: “The time saved using L&G Apply will enable intermediaries to do their job to the best of their ability and add the most value for their clients.”

L&G Apply will be rolled out to all firms in the coming months. Financial Planners and advisers can register their interest, here

L&G has 14m retail policyholders and workplace members. In 2023, it had total individual annuity sales of £1.431bn, and issued £299m of lifetime mortgages and retirement interest-only mortgages. Its workplace pension platform served 5.2m members, while its protection businesses took in £1.991bn of UK and $1.584bn of US gross written premiums.