Standard Life suggests retirement calculator assistance tool

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Standard Life suggests retirement calculator assistance tool

Wed 1st Sep 2010

A finance expert from Standard Life has claimed that consumers would benefit from being able to compare real-time quotations for different types of annuities.

Andrew Tully, senior pensions policy manager at Standard Life, suggested it could be "useful" for people to be able to see what propositions from different providers would give them.

In his view, the Financial Services Authority should be stepping in when the pensions industry is failing to correct problems that are affecting customers.

He explained: "We do need to ensure all providers are giving open market options due prominence within wake-up packs ... and the options service is improving transfer times between providers."

Mr Tully stressed that any annuity comparison tool would need to be impartial if it was going to give the public the best service.

Recently, the Association of British Insurers revealed that 67 per cent of consumers shopped around for annuities, with the most popular reason for this being to find a better annuity rate.

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