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Annuity market

Annuity quote update: giving customers clear choices

 

New regulations are now in place that are designed to encourage people to shop around rather than simply accept the annuity rates offered by their current pension provider.


This follows a 2016 review by the Financial Conduct Authority (FCA) which highlighted that 60% of new annuitants had not looked around for the best rate and, of these, around 80% would have been able to secure a higher income elsewhere.


As a consequence, from 1 March 2018 when providers like ourselves generate a new annuity quote we must also include a best-rate comparison with the open market. This highlights how much income for life people could receive if they shop around.


In order to comply with these new rules, customers must consent to sharing their personal information with other providers - without that consent we cannot create the comparison for you.

Further information can be found at Annuity Information Prompts FAQ .

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.