The Financial Services Consumer Panel has published a paper on the annuity market in the UK, and it does not make comfortable reading. Buying an annuity is the way that most people convert their Defined Contribution (DC) pension fund into a regular income when they retire. However, the report finds extensive evidence of failure in this market, with people buying the wrong type of annuity, or poor value annuities, with widespread confusion around the range of choices open to them. Those with modest pension “pots” will find it difficult to obtain financial advice, and if they can find it, it … Read More »
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