Low-cost workplace pension provider NOW: Pensions has teamed up with a specialist annuity provider to ensure all savers get the best possible income at retirement.
NOW: Pensions, an offshoot of a major Danish pension provider, is to work with Annuity Direct to help customers identify the best deal on retirement - helping some increase their pension by as much as 40%, the Mail on Sunday reports.
Members will be asked about their health and lifestyle to ensure they obtain extra income payable to those with limited life expectancy.
It will help them understand the annuity options available too, including spouse benefits or inflation-linked policies.
This could prove crucial, as many policyholders do not understand the implications of buying the wrong policy - such as those covering only one person in a couple, the paper said.
NOW: Pensions chief executive Morten Nilsson said: "Buying an annuity is one of the most important financial decisions you will ever make.
"All providers have a responsibility to offer members access to the best options from the whole marketplace to make sure their pension pot stretches as far as possible."
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