From a lack of shopping around to people accessing their savings in one go, we pick out three lessons to take from the latest set of retirement income data published by the Financial Conduct Authority (FCA).
Still no shopping around The proportion of people who took out annuities with an adviser dropped from two-fifths (42%) in 2015 Q4 to one-third (33%) in 2016 Q3, according to the FCA's retirement income data. What's more, shopping around remained worryingly low, with about 60% of annuities being purchased in-house rather than on the open market. "I'm very disappointed to see that people are still not shopping around to get the best deal - either for an annuity or drawdown," said Retirement Advantage pensions technical director Andrew Tully. "The message is clearly not getting through...
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