Older individuals purchasing annuities are at most risk of losing money if they do not shop around for the best deals, according to Just Group.
The retirement specialist has warned on the widening gap between the best and worst annuity rates, particularly as individuals age. It found choosing the most competitive annuity provider could result in tens of thousands of pounds in extra income over the course of a long retirement. Just Group said figures published last year by the Financial Conduct Authority (FCA) found half of annuity buyers did not compare deals. The FCA found last year that half of annuity buyers did not compare rates to find the best provider, and more than half (52%) did not know disclosing poor health cou...
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