Pensioners should shop around to Boost their Pension

28 June 2012

The Chief Executive of the National Association of Pension Funds is reported to have said that half a million people retiring each year are being short-changed by up to £1 billion from their future pension income.  She has said “It is essential that savers shop around.  People with health conditions also need to study their options, as they may qualify for an enhanced annuity, which can be far more generous.  At present, it is too difficult for consumers to find the best annuity and the market suffers from poor transparency and although there are signs of improvement, more needs to be done.  People who have saved for their retirement deserve to get a better deal”.

Quotes are given by existing pension providers but they are not necessarily the best deal and their pension income could be increased if they spoke to an independent specialist.

Next month a compulsory Code of Conduct is being implemented by the Association of British Insurers to make sure that customers have access to all the information they require before buying an annuity.

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