“Unfortunately,the shopping around message appears to have been lost in the general noise around pension freedoms. Despite measures being introduced last April to try and encourage better practice,the situation is getting worse”.
It is suggested that the chance of the existing provider being the best for either drawdown or annuities is only about 5%, so on average only 1 in 20 customers should stay with their existing provider.
The fact that 60% are doing so means that people are missing out on thousands of pounds of income per. annum. in retirement.
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