‘In the Spotlight’: Frank Field on non-advised Annuity brokers

UntitledThe Annuity market has hit the headlines in recent weeks, with many people questioning the fairness of the current system. However, it was still a surprise when it was revealed last week, that Frank Field, Labour MP for Birkenhead and former Minister for Welfare Reform under Tony Blair, has written to the Office for Fair Trading (OFT), requesting a full investigation into the non-advised Annuity brokerage market. In his letter to the OFT, Mr Field said: “I am writing to you about the UK pension Annuity brokerage system, which ...

Annuities: FSA to investigate the Annuity market

working paper with a diagramThe Financial Services Authority (FSA) is to announce that it intends to investigate the Annuity market to see how many people are losing out by not shopping around for the best Annuity rate when they retire. The Annuity market in the UK is worth a reported £11 billion each year to the insurance industry. However, there has been rising concern amongst leading financial experts and special interest groups that would-be retirees are losing out by buying uncompetitive Annuities....

Annuities: Buying an Annuity soon? 7 mistakes to avoid

iStock_000012131139XSmallEvery day we deal with new enquiries from people approaching retirement and wanting to take an income from their pension. We’ve got a huge amount of experience helping people arrange their Annuity purchase, as well as advising them on other retirement options, and we are seeing the same mistakes being made time after time. We thought we’d put together a quick guide, showing you the seven most common mistakes people make when buying an Annuity and how to avoid them. 1.    Not shopping around ...