Saga: Retirees being "left out of pocket" over pensions

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Saga: Retirees being "left out of pocket" over pensions

Tue 13th Oct 2009

Saga Personal Finance has advised retirees to take up the open market option when it comes to committing to their annuity.

Executive chairman of the organisation Andrew Goodsell made his comments following research by Saga which indicated that people could be missing out on about £300 a year by not shopping around.

He pointed out that many people are not getting as cash as they could do, even though they have spent their whole lives saving up money for their retirement.

Mr Goodsell stated that the regulators and pension scheme providers should be making savers aware of the open market option.

"At the final hurdle many miss out on the best deals when they come to buy their annuity and are left out of pocket for the rest of their lives," he said.

Last week, Saga advised over-50s that they could save a total of £995 million by switching to its Platinum Visa Card, due to the low rate of interest and because the most expensive debt on the statement is paid off first.

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