New plans to make pension providers selling annuities show competitor prices
Companies will have to show the difference between their quote and any higher rate available to buyers from all the other providers on the open market.
The Financial Conduct Authority’s proposals come after research found 60 per cent of people were not shopping around when they bought an annuity - and up to 80 per cent of these customers could get a better deal on the open market.
Annuities are usually bought with pension savings on retirement and give a guaranteed income for life.
But the rates offered have plummeted over the last few years and they have increasingly been seen as offering... read more
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