Friday, July 4, 2008

Annuities exposed: Is your insurer acting?

As part of Financial Mail's campaign to get companies to encourage people to shop around for the best annuity, we publish the findings of our survey into what major insurance companies claim they are doing to make shopping around second nature.
We also publish previously unreleased data on the number of customers who are still being railroaded by their pension providers into taking out their annuities, even though they often represent poor value.

We also shame those companies - the 'miscreants' - who refuse to reveal how little they are doing to help customers.


WHAT CONSUMERS DO WITH THEIR MATURING PENSIONS

What should happen: A majority of people with maturing pensions should be encouraged by their pension provider into using the open market option (OMO)- simply, shopping around.

Annuities