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8 in 10 pensioners 'could have had better annuity'

The Financial Conduct Authority (FCA) found that in around eight out of 10 cases where people have stuck with their existing pension provider to buy an annuity, they could have been better off financially by shopping around and switching.

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What are annuities?

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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