Bank of Scotland Annuity Service (Bosas) says Brits are squandering up to £18,500 by not shopping around for highest annual income from their pension fund.
The bank stresses individuals purchasing an annuity have the legal right to an open market option, namely the ability to shop around to get the best possible income for their annual retirement fund. Bosas points to figures from the Association of British Insurers (Abi) indicating more than two-thirds of UK individuals purchase an annuity from their pension provider without shopping around. The ABI figures show the amount of individuals shopping for annuities has declined from 35% in 2002, when it became compulsory for providers to alert members nearing retirement of the open market op...
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