Get more money from your pension
You could get up to 70% more income every month once you retire just by making one crucial decision. We reveal how.
Did you know you could get up to 70% more income every month once you retire just by making one crucial decision?
You may not believe it but it's legal and doesn't involve any extra risk to your money. But it's something your pension provider is unlikely to highlight. Why? Greed of course.
If you've got a pension, once you retire you will probably use it to buy an annuity, which basically pays a regular income for life.
Not all annuities are the same, and the only way you can be sure to get the best deal is by comparing rates from different providers.
But in practice two thirds of pensioners take a second rate deal offered by their own pension provider simply because they aren't aware the can look elsewhere. And if you make the wrong decision, that's it, as once you've bought an annuity you can't change it.
There are massive difference between the best and worst rates. On average you could improve your income by around fifteen to twenty per cent, but it could be as much as seventy per cent if you have health problems.
Part of the problem is that many of us are unaware we have a choice. Pension companies exploit this, profiting massively from easy annuity sales to their pension holders.
In fact research from the financial services regulator shows that almost 40% of providers aren't even giving customers the legal minimum information needed.
Their greed means that pensioners – who've already seen poor performance from their pension funds – will be even worse off.
This can't go on. We're want an end to the exploitation of consumers by pension providers. And a new, fairer system that educates and encourages everyone to consider the best options for their retirement income.
Until then, do your own research. It's your money, so make the most of it.