Up to one in three people are still missing out on extra income in retirement by purchasing a standard annuity resulting in many losing out on around £234m worth of benefits in 2004. new research reveals.
Latest figures from the ABI reveal that the enhanced annuity market grew by 5% during the first half of 2005, but according to research published by GE Life at least one in three customers are still missing out on extra income by purchasing a standard annuity and not utilising the open market option (OMO). GE Life says £350m worth of benefits was lost in 2004, because customers failed to purchase enhanced annuities. The provider claims the lack of take-up looks set to continue in 2005, with statistics showing that less than 1 in 20 annuities purchased in the first half of of this year c...
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