Apathy and a failing system is costing pension savers dear, with retirees set to lose \u00a314m this year on not hunting out the best annuity. If this inertia continues, it will cost Britain\u2019s pensioners a total income of \u00a33.3bn over the next 20 years, according to the study by Oxford Economics, carried out on behalf of trade body, the Pension Income Choice Association (PICA).
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\nAt retirement, savers typically cash in their pension pot for an annuity, which provides an income for life. But consumers need to shop around in order to ensure that they get the best deal available to them by using what is dubbed the \u2018open market option\u2019 (OMO).<\/p>\n
However, only one in three people approaching retirement review their options, according to Oxford Economics. And the current system means that the majority stay with their existing pension savings providers. The study shows that in 2010 alone, failings in the review process means pensioners could miss out on \u00a313.9m in pension income, equating to \u00a3169 per policy holder.<\/p>\n","protected":false},"excerpt":{"rendered":"
Why you should review your retirement options Apathy and a failing system is costing pension savers dear, with retirees set to lose \u00a314m this year on not hunting out the best annuity. If this inertia continues, it will cost Britain\u2019s pensioners a total income of \u00a33.3bn over the next 20 years, according to the study… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4,1],"tags":[303,354],"_links":{"self":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/579"}],"collection":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=579"}],"version-history":[{"count":0,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/579\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}