Pensions minister Steve Webb has continued his attack on the annuity market, saying the products are not good value and vowing to "shake up the market".
His comments follow an interview with the Telegraph where he mooted the idea of making it possible for consumers to switch annuity providers after initial purchase, in a similar way to the mortgage market.
Speaking on Radio 5 live the minister said he was "trying to poke the annuity market with a big sharp stick".
In an on-air debate with Webb, Hargreaves Lansdown head of pensions research Tom McPhail argued it was possible for consumers to get a good deal if they used shopping around mechanisms already in place but Webb argued government intervention was necessary.
McPhail said: "Steve, I think you are being fed misinformation. The solutions are there - we simply need to make it easier for people. There are policy initiatives already underway.
"It is like getting your driveway redone, you don't get one quote. You shop around and take the best deal. If you use an annuity broker you will get the best deal. Annuities are very good value for money."
However, Webb argued: "I just do not buy that annuities give the best value for money. We have got to get people asking whether it is right to convert their pot, then see them shopping around, then see ill people getting a better rate.
"Education is vital, we need to strip away all the jargon and move away from it being a cliff edge decision that lasts for the rest of your life."
He added: "What I have been trying to highlight is that when you take a pension pot it is a one off decision, it is irreversible.
"But people are typically drawing a pension for 20 to 30 years, many of these products are not good value at the moment. There is much most we can do to shake up this market."
Commentator Martin Lewis was also involved in the debate. He said the market was "partially broken" and people were being "ripped off" by staying with their pension provider.
He said greater consumer engagement was essential.
McPhail added: "Failure in the market at the moment is that too many people are not shopping around, [consumers need to] take responsibility for getting a good deal.
"You do not have to buy an annuity if you don't want to. You can choose to leave your money invested in the market. Indeed you can do a bit of both."
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