Pensions - Articles - PPI finds GBP130m of lost annuity income

 Commenting on the report findings, supported by Canada Life and Retirement Line, Nick Flynn, director of retirement income at Canada Life said: “The annuity market is worth £4bn annually, and yet customers are not getting the most value from their pensions due to inertia or simply not understanding the importance of shopping around.

 “Despite the introduction of pension freedoms and information prompts, the situation appears to be getting worse. People don’t know what they don’t know, and it isn’t simply about securing the best deal, it is equally important to buy the right shape annuity. Without professional assistance or advice, this is at best difficult.

 “The PPI is right to shine the spotlight back on the market and start a debate. Just as the furlough scheme winds up, many thousands of over 55s will be considering their working futures. Many may find it hard to return to the workplace and seek the security of replacing their salary in retirement. An annuity is the only guarantee in town, so it’s important anyone considering their retirement options seeks guidance and advice to make the right decisions for their circumstances.”
  

 Shopping Around for Annuities