Annuity

Many pensioners are missing out on a higher retirement income as annuity providers aren't doing enough to encourage customers to check if they can get a better deal elsewhere, the Financial Conduct Authority (FCA) has said today.

People under 75 who die having started to draw an income from certain types of annuities from April next year will have that money passed on to a beneficiary tax-free.

Pension providers will be required to check whether or not customers buying their products have already taken advice on their options under rules set out by the City regulator to help people make the most of their retirement savings freedoms from next year.

A slice of up to £3 billion worth of 'lost' pensions could be yours – and most are easy to trace and reclaim. If you need inspiration, look no further than one MoneySaver who found £39,000.

Pension savers will have the option to gain immediate access to their whole savings pot at non-punitive rates from the age of 55, under a massive overhaul to the pensions system to come into force next year.

Pension providers are to be investigated over claims people aren't getting a fair retirement income because of the way the annuity market works.

Hundreds of thousands of pensioners face being ripped off when investing in annuities unless rules are tightened urgently, an official advisory panel is warning.

Victims of the Equitable Life scandal will receive £5,000 in compensation a year early, the Government has announced.

A new code of conduct for annuity providers has been launched today, which aims to encourage pension savers to scour the market for the best possible retirement income plan.