FSA to review pensions annuity market - Independent
LONDON (Reuters) - The Financial Services Authority will announce a review of the multibillion-pound pensions annuity market due to concerns that some individuals are losing out on thousands of pounds of income a year upon retirement, the Independent reported on Thursday.
The regulator will consider whether insurers are doing enough to encourage pension savers to shop around and move their savings in order to get the best annuity when a pension fund is converted into income for life, the paper said.
The review will take up to 12 months and will look into whether annuities are fairly priced and marketed, reported the newspaper.
(Reporting By Costas Pitas; Editing by Eric Walsh)
- Tweet this
- Share this
- Digg this
- Jodie Foster marries girlfriend Alexandra Hedison
- Ukraine forces kill up to five rebels, Russia starts drill near border |
- Australia rules out link between debris and Malaysian plane
- GE in talks to buy France's Alstom - Bloomberg
- Boy and girl on Korean ferry drowned with life jackets tied together |