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On the brink of retirement? Free annuity comparison website aims to swell incomes



The first free service that compares the best annuity rates across the market was launched last week to help those on the brink of retirement to get more income from their pensions.


The move comes after figures from the Office for National Statistics revealed that pension pots need to be nearly one-third bigger to produce the same income as four years ago.


The new service from comparison website payingtoomuch.com takes into account age, health and lifestyle which, it claims, can help boost retirement income by up to 160 per cent. People with pension funds as small as £1,000 can use the service.




Life choices: Those on the brink of retirement will want the best plan available to them




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Hannah Foxley, of London-based adviser The Women’s Wealth Expert, says: ‘I think it’s a good move. A lot of people aren’t aware that they can shop around for an annuity and many would simply opt for the annuity offered by their own pension provider, which is not necessarily the best option.’


More companies are trying to get a slice of the £12billion-a-year annuity market.


This month broker Hargreaves Lansdown launched an online annuity search tool, which compares quotes from nine different providers, including Aviva and Just Retirement.

Tesco plans to add an annuity service to its comparison website, Tesco Compare, subject to regulatory approval.

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