Annuity mis-selling 'is a national disgrace'

By Tom Farley, Thu 29 Jul 2010 - Published in Pensions

It is wrong that people in the UK are missing out on the best possible pension through no fault of their own, it has been stated.

A recent report in the Daily Telegraph claimed that thousands of the county's pensioners were mis-sold annuities and did not know that they could have received a higher income if they shopped around for a better product.

Saga spokesperson Paul Green said that these people should have been given the choice to find the best annuity as standard.

"It is a national disgrace that so many people who have done the right thing and saved for their retirement miss out on getting a better pension," he commented.

Mr Green also claimed it is a "big scandal" that people can still be "short-changed" when it comes to annuity products, as lifestyle and health issues prevent them from accessing enhanced products.

The representative added that the pension industry needs to change so more people can take out annuities which will offer them a higher retirement income.

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