The Financial Conduct Authority (FCA) is currently investigating the retirement income markets. This is probably overdue. It’s been clear for some time that consumers too often go with inertia, buying the annuity they are offered by their pension provider, without “shopping around”. Despite moves to make such shopping around the default option, and suggestions that all annuitants should receive advice before buying, the wrong choices continue to be made in too many cases, locking people into a lower income than they could have got, with a “once and done” decision which is irreversible under current rules. Retirees struggle to understand … Read More »
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