Failure to claim annuity enhancement ‘worth 15 years’
A consumer who decides not to chase an enhanced annuity at retirement could be throwing away 15 years worth of fund activity, it has been claimed.
Money Management has produced findings showing that a top performing with-profits pension - where an enhancement has typically been claimed - could be worth 36 per cent more than an average one.
But without the upgrade to their policy, the company stated that a client with a top plan could end up losing out - earning as much as someone with an average fund.
And Peter Ellis, head of annuities at Just Retirement, has pointed out that picking the best pension provider before retirement could result in a 73 per cent increase when it comes to stopping work.
Meanwhile, online service Rated Tradesmen has claimed that people are choosing to sell their property in order to enhance - or establish - a retirement fund.
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