Half of annuity buyers could be missing out on better deals

This highlights a ‘huge' problem likely to be costing retirees thousands

Isabel Baxter
clock • 2 min read

Half (50%) of the pension savers who bought annuities in the four years up to mid-2022 did not compare deals from different providers, according to the Financial Conduct Authority's Financial Lives Survey.

The research also showed more than half (52%) did not know that people with health conditions could be offered higher incomes. Just Group communications director Stephen Lowe said the research highlights a "huge problem" likely to be costing many retirees thousands of pounds over their lifetimes. "Improving income rates are pushing up annuity sales sharply but far too many of those buyers are missing out," he said. "Not shopping around is tantamount to refusing ‘free money' that could add up to thousands of pounds over the course of a long retirement." He said that for a 65-year-ol...

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