Age UK Enterprises, the business arm of Age UK, has teamed up with Premier Retirement Services, part of JLT Benefit Solutions, to create an online comparison site for annuities.
The site also provides help and guidance on shopping around for annuities, as well as a telephone helpline service.
The service is launched on the back of Age UK research which found 61% of over-55s are confused by financial products. Only a third were confident financial purchases they have made were the most suitable.
Almost half of the over-55s do not know what an annuity is while a quarter think an annuity is an investment fund, the research says.
Around a third of this age group also do not know who to approach for guidance on financial products.
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