It pays to shop around for an annuity
- A recent survey showed that 8 out of 10 people who stayed with their existing provider lost out by not switching. Source: Financial Conduct Authority, Thematic Review of Annuities, Feb 2014
- It’s your right to shop around and you’ll usually get a higher retirement income.
Tips before you shop around
If your existing pension provider offers a Guaranteed Annuity Rate it will be hard to match – be sure to ask and then compare quotes.
You don’t have to take out an annuity when you retire. You can delay until later or – for pots of £30,000 or less – you may be able to take all cash: New pension rules from 27 March 2014
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