Hargreaves launches first enhanced annuity search engine

The average increase in annual income quoted for users via the service is £1,095, according to analysis from the firm. The search engine was launched in response to the ABI's code of conduct on retirement income which took effect from 1 March 2013. Hargreaves Lansdown head of pensions research Tom McPhail [pictured] says: "400,000 annuities were purchased last year in the UK. Nearly half our customers already receive an enhanced annuity and with an average increase in annual income of £1,000 a year, over a typical 20 year retirement this is the equivalent of adding over £3.5 billion ...