The gap between the best and worst paying annuities for retirees has risen to its highest level in over four years, according to analysis from Just Group.
The firm's research of the market found the disparity between the least and most competitive annuity providers has increased to 18%, compared to 14% earlier this year. It calculated this gap would result in a prospective 65-year-old retiree with a pension pot valued at £50,000 receiving a guaranteed income of £3,470 a year with the most competitive provider, compared to £2,952 a year with the least competitive, which could lead to a prospective retiree missing out on over £500 in extra income per year for the rest of their life. Just said the gap emphasised the importance of "shopping...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
