Brits 'need to spend longer looking for an annuity'

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Brits 'need to spend longer looking for an annuity'

Mon 21st Dec 2009

British adults should spend longer looking for their annuity cover, as currently more time is spent Christmas shopping than finding the right deal on their retirement income, according to research by Aviva.

Over an average lifetime, adults in the UK will spend 311 days researching their holiday, with 190 looking for the perfect Christmas presents for their loved ones. But, they will only devote seven days to finding the right annuity or pension products.

Consumers do appear aware of the need to shop around for the best deals, with 43 per cent stating that they would look consult at least 11 different sources before deciding on which cover to go for.

Darren Dicks, head of annuities for Aviva, said: "By shopping around for an annuity, people can increase their retirement income by 10 per cent or more."

Aviva reported in November that 35 per cent of consumers believed that the recession had reduced their retirement incomes, forcing many to look for other sources of funding for their old age.

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