FCA confirms annuity 'ranking' plans as pensions dashboard moves step closer

In its 'final' findings from its retirement income market study, the regulator found many consumers were not getting the best deals in retirement because poor communication from their provider stopped them shopping around in the open market. It will ask firms to redesign their wake-up packs, and to consider including signposting letters and standardised pensions statements, before trialing them on consumers over the coming months. Firms will also need to rank their annuity products against their peers so that consumers can "easily identify" if they could be getting a better deal by sh...