Annuities

The need for people to shop around for the best income in retirement must surely lie at the heart of the government's Big Society agenda, says Andrew Megson.

Mark Joannes assesses the possible impact of forthcoming Solvency II rules on the annuities market.

The Pensions Regulator's (TPR) new guidance for members shopping around for retirement products is ‘still not enough', according to Tom McPhail, head of pensions research at Hargreaves Lansdown.

The majority of Britons intend to remain in their current homes for the rest of their lives, according to Friends Provident research.

Scottish Life has cut open market option (OMO) waiting times for clients from an average of 11 days to 8.1 days using Origo's Options software.

Fixed-term annuity provider Living Time has boosted its online tools for IFAs as part of its campaign to promote more flexibility within the annuity market.

Commercial secretary Lord Sassoon has been told to take steps to improve consumer access to the open market option (OMO) and intervene on poor annuity rates.

Around three-quarters of retirees bought financial products via a bank adviser, with only 20% using an IFA, according to AXA's Retirement Scope report.

Retirement solutions provider Partnership has sold online advice service Annuity Direct to Retirement Angels for an undisclosed sum.

Just Retirement's group sales hit £1bn for the first time during the year ending June 30 2010, which is a 33% year-on-year increase.