Make sure you understand how the shopping around code will help you get the maximum pension income.
Every year hundreds of thousands of people miss out on money in their retirement. Why? Because they buy an annuity (which generates a retirement income from a pension pot) from the company they’ve saved with, rather than shopping around. Figures show that more than half (55%) don’t shop around, either because they don’t know they can or they don’t know how to. A new code taking effect from March 1st 2013 should help.