Financial regulator the FCA is to conduct a major probe into Britain's annuity market, amid claims the "disorderly" state of the sector is ripping pensions off.
- Annuities are a one-off purchase that people make when they retire, which converts their pension savings pot into a fixed annual income for the rest of their lives.
- An array of different annuity types exist, including standard ones that most people tend to get and enhanced annuities, where people in ill health, can get higher payments.
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