Retirement: Shopping around for an Annuity to become compulsory?

iStock_000015475220XSmallAn amendment to the Pensions Bill, could force every member automatically enrolled into a pension, to shop around for their Annuity when they retire. Over the next three years, every worker in the UK aged over 22 and earning more than £9,440 per year will be automatically enrolled into a pension, to which they and their employer must contribute. However, there has been criticism that too much focus has been on accumulating a pension fund and too little on the options at retirement. ...

Annuities: Too many people still not shopping around for the best Annuity rate

New research from Age UK Enterprises, part of Age UK, has shown that the message about shopping around for the best Annuity rate is still not getting through to many people. The survey found that 31% of people who had already bought an Annuity, did not shop around for the best Annuity rate and that they were not told by their existing pension provider they might be able to get a higher income elsewhere. Falling Annuity rates make shopping around more important Over the past three years Annuity rates have fallen by around 20%, and by 7% over the past three months, making ...