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MSE News: Plans to improve annuity choice unveiled
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Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"New rules will come into force to help consumers get better deals when turning their pension into a regular income ..."
"New rules will come into force to help consumers get better deals when turning their pension into a regular income ..."
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Well this might be a 'plus' in many cases, but a "bonanza" for those companies who offer the older guaranteed annuity rates.
So they will no longer have to say "Your guaranteed annuity on your £100,000 fund will be £11,500 a year." So people will shop around, and get, say, £6,500 and think they have a good deal? Brilliant!
Friends Provident, for example, will be laughing. ALready, they often quote the annuity at their 'market' rates (say 5.9%) whereas, a smaller print leaflet needs to be perused to understand that actually you will get 11%.
Like a lot of 'regulation'. Well intentioned, but probably a sting in the tail!0
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