Research suggests there is as much as a 30% difference between the best and worst annuity rates in the market, says GE Life.
The provider says while the Pensions Commission has its focus on future retirements, it is the current retirees who stand to lose out by not buying an enhanced annuity if they qualify. FSA comparative tables indicate a 14% difference between the best and worst annuity rates for standard lives, which means that two individuals, aged five years apart, could share the same rate. Measuring the worst standard rate and the best enhanced rate equates to as much as a 30% difference, or an equivalent nine years of lost income says GE Life. GE Life chief executive, Scott Dolfi says: “The ‘big p...
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