FCA annuity review does not go far enough

Headline results of the review showed 80% of consumers buying an annuity from their existing provider would be better off if they shopped around. The average benefit of switching is equivalent to having an extra £1500 saved into a pension pot. This equates to an extra £71 per year income for someone with a £17,700 pension (the average size in the review). FCA chief executive Martin Wheatley said: "The need to get an income in retirement unites us all. But once you've bought an annuity you can't change your mind. For most people getting the right annuity could mean the equivalent of an...