'Unfair' annuity sales wiping up to 50% off income, says NAPF

The NAPF said the problem lay with obstacles that stopped many people shopping around for the best deals. It also said some insurance firms which sell annuities were guilty of "sharp practice and murky pricing". "The process for choosing an annuity is a complex one and the majority still go for the "default" option by sticking with their pension scheme provider," the NAPF report said. "This failure to shop around for a better deal can wipe 30% off their annual pension income, and in some cases up to 50%," it argued. The NAPF said most people retired with pension pots worth less ...