Aviva has announced the launch of a press and television campaign aimed at those of us contemplating retirement, that urges potential retiree’s to shop around for the best annuity rates rather than just accept figures from their current pension provider.
The Insurance company says that it is possible to boost income by as much as 10% by shopping around for the best annuity rates and suggests that the benefits far outweigh the effort and time required to check out other options.
Of the 450,000 annuities taken out each year in the UK only 37% are taken out using the Open Market Option, resulting in many retirees struggling to make ends meet, with figures suggesting that 25% overspend in the first year of retirement and 7% overspending by a significant amount.
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