Advisers have warned that consumers who use annuity comparison websites could end up 'self-harming' and 'paying for their mistakes' for the rest of their lives.
This article first appeared on Your Money. The warning follows news that Tesco plans to launch a pension annuity service in a bid to get people shopping around for the best retirement income. The supermarket giant joins the ranks of Hargreaves Lansdown, Confused.com and payingtoomuch.com which offer similar services. While advisers have applauded the move for bringing much needed publicity to annuities and highlighting the need for consumers to shop around, they fear people using these sites will focus on price only and sleep-walk into the wrong products with devastating effects. A...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
