Brits 'should shop around for an annuity'

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Brits 'should shop around for an annuity'

Individuals can see significant benefits of shopping around for an annuity when it comes time to retire, an industry expert has stated.

Steven Lowe, management board member of the Pension Income Choice Association, told listeners to the FT Money podcast that taking the time to research the best deals can help savers to get the most out of their annuities.

He commented: "Given that people may be in retirement for ten or 20 years, we are talking about thousands and thousands of pounds. So shopping around seems to reward customers."

Alan Smith, chief executive at Capital Assessment Management, recently stated that Brits should make the most of the years when they are earning to build up a nest egg that will help them through retirement.

Although the present volatility of markets continues to put many off from making investments, failing to do so means spare cash is not growing at its optimum rate.

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