Webb: Pensioners should be able to switch annuities

The pension minster told the Sunday Telegraph annuities - which at present cannot be altered after the point of purchase - should be far more flexible. Webb told the Sunday Telegraph: "When you take out a mortgage, in a few years if rates change you can switch your mortgage. "But when you take out an annuity, that's it - for life. This could easily be for a quarter of a century. Why shouldn't you be able to change your annuity provider so a few years later somebody else could offer you a bigger pension? Why shouldn't you be able to shop around?" However, experts said comparing annuities...