IFA condemns annuity providers for TCF failings

David Trenner, technical director of Intelligent Pensions, says some insurers are taking advantage of their loyal customers by offering them a ‘pitiful' retirement income. Among the worst offenders are Scottish Widows, Trenner says, with annuity rates as much as 15% below the market leader. According to the FSA's Moneymadeclear comparison service, a 65-year old male non-smoker who bought a single-life, level annuity for £50,000 would receive an income of £241 a month from Scottish Widows. However, the highest rate available is £285 a month, making the Scottish Widows offering more ...