Friends Provident are a household name that offer a whole host of insurance products. They are also one of the leading providers of private pensions, including pension annuities. The company recently admitted that 40% of its annuitants (that’s 9,000 savers) had not shopped around for the best rates, meaning that they were losing out on thousands of pounds worth of potential retirement income. This is despite Friends Provident offering some of the most uncompetitive rates at the time.
The company in response said that many of it’s annuitants that had not used the Open Market Option as they had comparatively small pension pots of less than £10,000. In these circumstances, shopping around for an annuity can be more difficult as not all pension providers like to deal with pension pots of this size.
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