Gap between best and worst annuities on offer widening with age

By failing to shop around, the retirement company found that a healthy 75-year-old with a £50,000 pension can miss out on 16% of retirement income a year (£650) if they buy the least competitive annuity. In recent months, the gap has hit 22%. By comparison, a healthy 70-year-old could miss out on 15% of retirement income per year if they purchase the least competitive annuity, while a 65-year-old can miss out on 13% (£400). Group communications director Stephen Lowe said that with higher interest rates making annuities so popular at the moment, buyers need to "do their homework". I...