Older annuity buyers risk losing money by not shopping around

Older annuity buyers have the most to lose, Just Group says

Sahar Nazir
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

'It's time to redefine communications in financial advice'

'It's time to redefine communications in financial advice'

Client interactions ‘outdated’ due to inadequate technology

Sahar Nazir
clock 17 July 2024 • 3 min read
Pension Schemes Bill announced in the King's Speech

Pension Schemes Bill announced in the King's Speech

New legislation announced after 2024 state opening of parliament

Martin Richmond
clock 17 July 2024 • 2 min read
Vanguard unveils advisory centre to support investors

Vanguard unveils advisory centre to support investors

The Advisory Research Centre will support investors across Europe

Sahar Nazir
clock 17 July 2024 • 1 min read