Just Retirement: Three-quarters cashing in their pensions could get better deal

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Just Retirement: Three-quarters cashing in their pensions could get better deal

Mon 15th Jun 2009

Recent research conducted by Just Retirement has found that three out of four Brits who cash in their retirement savings could be getting a better deal but do not understand how this can be achieved.

A poll undertaken by the firm showed that just 27 per cent of respondents are aware of the advantages of annuities, which can convert a pension into a lifelong income.

The company calculated that pensioners have lost £500 million in extra income over the last year by failing to opt for an enhanced annuity package.

Nigel Barlow, head of technical services at Just Retirement, said that it is "frightening" how few people are aware of the advantages that could be gained from annuity choices.

"It is critical that consumers are made aware of their options and seek advice on the right retirement income for their needs," he added.

Half of Britons aged between 20 and 60 are failing to add money to a pension fund, according to research carried out by the BBC.

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