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Pensioners diddled by annuities

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BBC Radio 4's Money Box
Saturday, 4th February 2012 at 1204 GMT On Radio 4 and Online

Pensioners are losing out on £1bn when savings are converted to annuities says the National Association of Pensions Funds.

"Sharp practice and murky pricing" mean that half a million people who retire each year are being diddled out of £1 billion. That is the striking conclusion of a report by the NAPF into the way people are sold a pension when they come to convert their savings into an annuity.

Joanne Segars, chief executive of The National Association of Pension Funds makes the accusation. The pensions industry defends itself. Otto Thoresen, director general of the Association of British Insurers, responds.

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New staff pay for checks

Money Box has learnt that the airline Virgin Atlantic is forcing new staff to pay for their own criminal record checks after referring them to a third party employment screening firm.

Money Box has been contacted by one recent graduate who's been asked to pay £25 in order to work for the airline's call centre. Bob Howard been's looking into it.

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Investment fund costs

A new campaign is launched this week to force investment funds to be more open about the costs that come out of customers' investments before they see any return.

The firm calling for the change debates live with the organisation representing the funds. Gina Miller from SCM Private and Richard Saunders from the IMA join the programme.

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Problems for eBay sellers

More and more of us are using the online payment processor PayPal, particularly in conjunction with its parent company - the auction site eBay.

But we've heard from some Money Box listeners who run into problems with customer service when something goes wrong - particularly when an eBay buyer collects the item in person. Mike Wendling reports. Rob Skinner from Paypal also speaks to the programme.

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BBC Radio 4's Money Box is broadcast on Saturday at 1204 GMT.

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