A new report from the Pensions Institute has said that almost £44 million every year could be lost, as people who have retired have failed to take advantage of the open market option for annuity purchases. On the basis of this report, the Institute has appealed for a specialist annuity trade body to make consumers aware of what they are missing out on. The Annuity Bureau has agreed with the appeal, and will invite specialist annuity advisers, annuity providers the government and regulatory bodies to discuss the matter within the next few weeks. The report claimed that if people were more aware of the benefits of the open market option when purchasing annuities, they could be gaining up to 30% of extra retirement income per year.
Our view:
We fully agree and endorse these findings. will soon be launching its online Annuity search service. In the meantime, contact us and we will search for the best annuity income for your pension fund.