Advisers will be asked to tell clients that the annuity they are being recommended may not produce the best annual income if the firm lacks details of all market rates.
Bristol-based Hargreaves Lansdown has called for mandatory annuity rate transparency and says the ABI should reinstate ‘annuity window’ rate tracking.
The whole plan for the secondary annuity market is ‘doomed’, unless a fundamental problem can be addressed, a pensions expert says.
The returns people receive when selling their annuities are likely to be “very poor”, the managing director of a pensions firm has warned, after reforms were confirmed this week.
People who have not shopped around for their annuity will collectively miss out on £104m of income over the course of retirement, new analysis has suggested.
Demand for annuities appears to have climbed, with sale increases suggesting somewhat of a recovery since the slump in April, research has shown.
Suggestions that the annuity is dead following last week's radical Budget are premature but insurance companies must ensure it does not become extinct like a dodo, a financial consultant says.
Nearly three quarters of those looking for an annuity lack the confidence to arrange one without the help of an adviser, research shows, as a major review of the sector moves into its next phase.
Hargreaves Lansdown has detailed a five point action plan to reform the retirement planning sector following the widespread criticism of the annuity market by the Financial Services Consumer Panel this week.
MGM Advantage, the retirement income specialist, has analysed the number of customers who shop around among financial advisers looking to compare annuity rates.
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