Consumers to miss out on £765m annuity income from not shopping around

The pension provider claimed over the course of a 20-year retirement, the average annuity holder could lose £8,460 of income simply because they did not get the best deal. The calculation is based on the number of people who have bought an annuity since the pensions freedoms in April 2015, of which 50% (or 90,450 people) did not shop around, the provider said. Retirement Advantage based its calculations on the average value of an annuity purchase (£55,700), and the difference between the average standard rate (£2,740 a year) and average enhanced rate (£3,163 a year), which equates to ...