BBC News
Launch consoleBBC NEWS CHANNEL
Page last updated at 13:15 GMT, Saturday, 12 September 2009 14:15 UK

Money Box: annuities

Each year nine out of 10 retirees buy a conventional life-time annuity - one that pays out a defined amount each year until the policy-holder dies.

Now more than 1,000 independent financial advisors have backed a campaign to promote awareness of greater choice.

They say two thirds of people are failing to take advantage of their right to buy an annuity from a provider other than the company with whom they have built up their pension pot.

A new industry association has been formed to address this issue in the autumn.

Paul Lewis spoke to Kim Lerche-Thomsen, of annuity provider Living Time.

This item was first broadcast on Radio 4's Money Box on Saturday, 12 September 2009.

Story Tools

banner watch listen bbc sport Americas Africa Europe Middle East South Asia Asia Pacific