Canada Life has warned that the disparity between the best and worst annuity in the open market could be worse than predicted due to many providers not openly publishing their 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 ...
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