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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 .