Consumer Prompts 2018
‘The FCA previously found that 60% of customers were not switching providers when they bought an annuity and up to 80% of these customers could get a better deal on the open market’
–Financial Conduct Authority July 2016
I mean why wouldn’t you? We shop for the best car insurance… we shop for the best petrol price and some of the more frugal will even try to save a penny on a loaf of bread. And yet when it comes to the most important decision we can make as we enter our ‘Third Age’ we accept what is already in front of us. The numbers are clear. Out of 100,000 people 60,000 do not shop around and of that 60,000, 48,000 could have got a better deal on the open market.
‘Consumer Prompt – We can’t all be Susan’s’
It’s the end of February, it’s pouring down, you’ve been meaning to buy that special something for Susan for some weeks now. They always put the effort in, get that original something you’ve not seen before, which inevitably is perfect for you. You really want to put the effort in this year…
Why wait for a prompt to improve your pension pot?
Improvements to the pensions market are on the way for soon-to-be retirees from 1 March 2018 as the Financial Conduct Authority (FCA) introduces the Consumer Prompt legislation…
‘Yes but then there’s the hassle…’
My Pension Expert, who I should add are the UK’s number one at retirement specialist; remove that hassle. We offer an arm chair service throughout the process and we can offer the best rates on the market. So, similarly to your preferred shopping delivery service, tell us what you want and we will shop around and deliver the products you want.
‘But how much better off could I be…’
Well that depends on you, your lifestyle, your pension pots, your fund size- but with a thorough check we not only can source you the best rates on the market but enhance your pension income too.
For example: Kenneth is 65 and has a fund size of £100,000 he’s fit and healthy and his current annuity income is £3,899 per year. If Kenneth was smoking ten cigarettes each day that could increase his annual income by 11% – an additional £900 per year.
A number of health and lifestyle habits could further increase that too. If Kenneth was smoking over weight and diagnosed with type 2 diabetes then he could benefit from an addition 32% pension income for life.
5 reasons to shop around for your pension
Take a look at our infographic showing the reasons to shop around for your pension, FCA stats on how many people do shop around and a hassle free way to review your pension options.