Public understanding of annuities has improved but more work is needed as the debate around pensions hots up, according to the Association of British Insurers.
This latest research suggests public understanding of annuities and what they offer the consumer is better than widely believed to be the case. Further, competition in the annuity market and customers’ right to shop around is delivering higher retirement incomes at both the bottom and top ends of the market. While half (52%) of those buying annuities do shop around, at least 60% of annuitants still continue to buy their annuity from their pension company. Advice plays a key role in encouraging people to shop around for the best deal as the report reveals 81% of those who exercised the '...
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