Industry prompts introduced in 2018 to encourage pension savers to shop around for the best annuity provider have fallen flat, the Pensions Policy Institute (PPI) says.
Findings from the institute published today (30 September) show there was £130m in "lost" annuity income during 2019 related to savers' lack of research. This was based on PPI calculations - supported by Canada Life and Retirement Line - which found shopping around had the potential to increase a pension savers' income by approximately £7,000 per £100,000 pot. Canada Life director of retirement income Nick Flynn said the £4bn annuity market was not showing its value due to savers "simply not understanding" their role in needing to selectively find the best deal. The PPI's 2021 DC F...
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