- News Home
- UK
- World
- Society
- Politics
- Business & Money
- Science & Technology
- Sport
- Arts & Entertainment
- Weather
FSA: make annuity rules clear
FSA: make annuity rules clear
Last Modified: 27 Jun 2008
By:
Bridgid Nzekwu
An ongoing investigation by the Financial Services Authority finds that insurance companies aren't making retirees annuity options clear enough.
Pensioners are losing a billion pounds a year because they fail to shop around for the best deal when they retire.
Under rules, known as the open market option, those about to retire don't have to accept the annuity, or annual income, offered by the company they've been saving with.
The regulator has given companies until the end of the year to improve.
Share this article
Buyer beware...
Consumer Awareness »Consumer Awareness in the News
Consumer Awareness in Current Affairs
-
Week in pictures »
The biggest stories and the best pictures.
-
Watch again »
There's now an easier way to watch Channel 4 News when you want to.
-
FactCheck USA »
Top 10 fact checks from the election campaign so far.
-
Fan of Channel 4 News? »
Join us on Facebook here.
-
Britain's lost schools »
More4 News/Channel 4 News online uncover the £230m primary school sell-off.
-
Sign up to Snowmail »
The day's news from Jon Snow and the team direct to your inbox.
-
Celebrities gallery »
Check out your As, Bs and Cs.
-
World of Hack »
Topical animated cartoons from artist in residence, Hack.
