Gap between best and worst annuities on offer widening with age

The best-worst annuity gap is 16% at age 75, higher than other age groups

Jasmine Urquhart
clock • 1 min read

The gap between the best and worst available annuities widens with age, Just Group has found.

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...

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Jasmine Urquhart
Author spotlight

Jasmine Urquhart

Senior Correspondent at Professional Pensions

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