Annuities

Up to one in three people are still missing out on extra income in retirement by purchasing a standard annuity resulting in many losing out on around £234m worth of benefits in 2004. new research reveals.

Scottish Equitable is wading into the open annuity market, which it believes is dominated by too few players.

Bank of Scotland Annuity Service (Bosas) says Brits are squandering up to £18,500 by not shopping around for highest annual income from their pension fund.

Provision of long-term care funding should be tackled as part of the Pensions Commission's remit along with improved financial advice as initial research suggests a variety of solutions need to be deployed, suggests the Joseph Rowntree Foundation.

Adviser group Tenet has launched its own Annuity Bureau to provide IFAs with both a quote and full introductory service.

The sale of annuities has almost trebled over the past ten years, but consumers are still in the dark over exactly what their money is buying, research suggests.

Quotes provider Webline has launched an annuities comparison service offering numbers from Norwich Union, Prudential, Friends Provident and Standard Life.

Tax-free cash payouts will be heavily dependent on annuity rates after A-Day, while the £1.5m pension pot cap will not be the effective limit Government has made it out to be, warns pension expert Steve Bee.

GE Life has lengthened the guarantee period of its annuity quote and is calling on rival providers to follow suit, as implementation of the Distance Marketing Directive could affect the annuity rate offered.

Webline plans to launch quotations for annuities, traded endowment policies and general insurance such as ASU and household by early January next year.