Pushing the shopping around message to retirees does not go far enough and the industry should work together to highlight the need for advice, according to website Unbiased.
Chief executive Karen Barrett said the Association of British Insurers' (ABI's) move to publish sample rates every month from all providers highlighted the issue. The ABI published its first comparison table this morning. All its members are now required to give sample rates based on criteria which will change from month to month. Rates (see below) were based on a 65-year-old from Manchester with a £18,000 pot. The best rate on offer was £1,099.92 and the worst was £839.52. A difference of about £260 a year. The worst rate came from Scottish Widows / Clerical Medical / Halifax (Llo...
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