Canada Life warns on hidden disparities in annuity rates

The difference between the best and worst annuity in the open market could result in an additional £13,240 in income (£662 per year) based on a pension of £150,000. However, Canada Life said difference between the best and worst deals in the market "could be even bigger". Retirement income director Nick Flynn said: "Saving hard for your dream retirement is one part of an important jigsaw. Once you have taken the decision to convert your pension into a lifetime income using an annuity, never simply accept the offer from your existing pension company, as you may not always get the best ...