Less than half of people (47%) seek advice or guidance before buying an annuity, the Financial Conduct Authority (FCA) has found.
In the regulator's latest retirement income market data released today (16 April) covering the period 2022/23, the amount of people seeking advice or guidance (Pensions Wise) before buying an annuity is trending down, as the same period two years previously showed 58% of people sought advice or guidance. Canada Life retirement income director Nick Flynn noted that it is "really disappointing" to see inertia continue to play a big role in retirement income decisions. He added: "Far too many people are not exercising their right to shop around for not only the best rate, but also the ri...
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