The regulator, the FCA, says that pensioners are losing out when they buy an annuity
It says the market isn't working and eight out of ten pensioners could have had a bigger pension if they'd shopped around
The financial regulator, the Financial Conduct Authority (FCA), says that the annuity market isn’t working well and it wants to investigate it further. An annuity is the product that converts your pension fund into an income when you retire. The FCA said that by not shopping around for an annuity, people lost out the equivalent of £1,500 over their lifetime, while those with small pensions struggled to shop around because very few companies bothered with this end of the market.
Will you be affected by the government’s plans to speed up the raising of the state pension age to 66?
The government's latest plans mean 300,000 women would have to wait 18 months longer for their state pension.
Late in 2011, Parliament has passed the Pensions bill which includes a speeding up of the rise in the state pension age for women (first announced in October 2010). The coalition government wanted to speed up the rise in the state pension age to 66 by April 2020, but in an amendment to its original plans, the state pension age won't rise to 66 until October 2020.
A new survey shows that three quarters of women don’t know how much they’ll get from their state pension
A survey by The Pensions Advisory Service shows many women are also confused about when they’ll receive their pension
At the end of last year The Pensions Advisory Service – a free-to-use government funded information service, carried out a survey of women about their state and company pensions. It’s something I mentioned in a couple of my newsletters, so thank you if you filled in the survey. Today it's published the results.