Just Group (Just) analysis of the latest Financial Conduct Authority Financial Lives Survey data has demonstrated that a third (33%) of adults aged 50 plus who purchased an annuity in the last four years had not compared the products and prices of at least two providers.
More than one third (35%) of the same group bought their annuity from the same provider they used to save with, while a further 12% were unsure if they had done so. Given differing rates on offer in the guaranteed income for life market, Just stated that ‘zombie buyers', or those who do not shop around, could miss out on more than £400 a year. Annuities buyers may benefit from a personalised rate and higher income from their annuity dependent on certain health and lifestyle factors. However, the FCA found that nearly three-quarters (74%) of adults aged 50-69 who planned to access thei...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
