Saga pensions notes 'annuities scandal'

www.moneynews.co.uk > Pensions > Saga pensions notes 'annuities scandal'

Saga pensions notes 'annuities scandal'

Fri 30th Jul 2010

Annuity providers have been criticised by Saga pensions for mistreating customers who have spent their lives saving for retirement.

Spokesperson for the firm Paul Green claimed that people are missing out on improved products because of health issues, but all companies would need to do in many cases would be to ask a few simple questions.

In his view, a regulator should help to sort out this situation if the industry itself will not "clean up its act".

"It is a national disgrace that so many people who have done the right thing and saved for their retirement miss out on getting a better pension," added Mr Green.

He highlighted research recently carried out by Saga pensions, which indicated that almost a third of consumers qualify for better annuity rates, whereas the industry average is ten per cent.

This week, the Daily Telegraph reported that thousands of pensioners have been mis-sold such products and were not advised to shop around at all.

Click here for more pensions news

Related News : Pensions
	Over-55s don't believe in paying for care, reveals Aviva
	East Midlands comes top in pension contributions
	Corporate pensions provider issues advice for businesses
	One third of workers have no pension, claims Prudential
	More than a third of Brits fail to reassess pension risk, claim experts
	Women protest at No 10 over proposed pension reforms
	Retirement age 'to be brought forward by ten years'
	Interest rates held at 0.5 per cent by Bank of England
	Pension contributions fall in recession, ONS reveals
	Equity release for retirement 'might not suite every household'

Related News : Saga
	Travel insurance 'is essential for holidaymakers'
	Interest rates held at 0.5 per cent by Bank of England
	Saga extends travel insurance policy to cover holidays at home
	WRIC report claims private sector needs to do more for pensions
	Watchdog criticises personal pensions market
	Saga chief discusses pensions calculator proposals
	Saga describes women's pension decision as 'a cruel blow'
	Saga chief suggests utilising property to boost pensions calculator
	Retirement calculator change will benefit women, says Saga
	Saga points out issue affecting retirement calculator customers