MSE News: 'Murky' pension practices to be tackled

DiggerUK

" It's time the Government made these companies release their grip on pensioners' money "

The Daily Mail had nothing to say on the subject, and I haven't checked The Socialist Worker.

But this well known organ of the looney left did have something on the proposals.
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DiggerUK

DiggerUK wrote: »

....... search online for best rates, and the first thing you see is 'come with us, our rates are up to 48% better than other annuity providers'.......
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Itself indicative of how many are in the feeding frenzy to fleece retirees in the Murky World of Annuities.

But an investigation by The Telegraph shows how everybody and their dog wants in on the act.

http://www.telegraph.co.uk/finance/personalfinance/pensions/10563872/Yet-another-blow-to-annuities-from-online-adverts.html
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bmm78

DiggerUK wrote: »

Itself indicative of how many are in the feeding frenzy to fleece retirees in the Murky World of Annuities.

But an investigation by The Telegraph shows how everybody and their dog wants in on the act.

http://www.telegraph.co.uk/finance/personalfinance/pensions/10563872/Yet-another-blow-to-annuities-from-online-adverts.html
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"An investigation by the Telegraph", which broadly translates as regurgitating info from the FSCP report, and sprinkling it with a bit of hyperbole and provocative language, along with some words of wisdom from the usual rent-a-quotes.

Yes, there are annuity comparison sites, that sell annuity enquiries to annuity brokers, for broadly the same marketing cost as it would take for the annuity broker to advertise directly.

In practice, it's unlikely that these costs are borne by the consumer. The statement that the £300 (an unsubstantiated figure) inflates the cost of buying an annuity is unfounded, and seems to assume that it is free to advertise on google(!).

Thing is, "Financial Journalists" are rarely held accountable for any specific information they provide - it's all about getting people to buy into the headline and not bother questioning any further, which has obviously worked in this case

MFW_ASAP

MFW_ASAP wrote: »

So despite everything you've said, you're happy to have your own pension locked away until at least 55, but more likely until it goes full term between age 60 and 65 so you get the maximum return and you're also happy for your own pension to pay out a maximum of 25% and have the rest locked away for good.

Kinda undermines your whole position and makes absolutely no sense at all.

No response?