MGM Advantage

Two-thirds (65%) of people aged over 55 and still in work think financial advice at the point of retirement should be compulsory, according to research.

MGM Advantage is to offer retirees a selection of guarantee options on their annuity contracts.

People could lose their entitlement to means-tested benefits if they spend their pension pots after taking advantage of pensions freedom, the government has warned.

Chancellor George Osborne will further relax pension rules in his Budget on Wednesday to allow the sale of annuity contracts.

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Sales of drawdown contracts have more than doubled compared to the third quarter of last year while annuity purchases continue to fall, according to latest Association of British Insurers (ABI) statistics.

As many as a third of people nearing retirement will work beyond the age they expected due to the impact of the recession on their pensions, according to annuity provider MGM Advantage.

Enhanced annuities pay out an average 22% more than standard annuities in annual retirement income, research suggests.