AEGON highlights expense of annuity advice

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AEGON highlights expense of annuity advice

AEGON has highlighted what it refers to as an "affordability gap" between the cost of pensions advice and the size of the pension pot that customers have saved.

The pension provider conducted research which showed that the smaller a customer's pension pot is, the more they will be expected to pay for their annuity advice.

AEGON said that recent figures published by the Association of British Insurers, which found that 95 per cent of annuities purchased in 2007 were with pension pots of less than £80,000, suggested that many people purchasing annuities through financial advisers were forced to "fork out a sizeable amount of their own money to secure a competitive advised deal".

Mark Cardy, head of sales for annuities at AEGON Scottish Equitable, said: "The adviser research at our workshop suggests the 'affordability gap' for annuity advice could be greater than many people think."

AEGON, which has its headquarters in Edinburgh, has over two million UK customers.

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