Published On: Fri, Nov 1st, 2019

Pension: Retirees issued warning on getting best deals as new rules come into force today | Personal Finance | Finance

Financial Conduct Authority (FCA) research found that 39 percent to 48 percent of pension savers buying a guaranteed income for life from their own pension provider may have been eligible for higher rates due to health history of lifestyle factors.

Previously, retirees looking to buy secure lifetime income already have to be shown the difference between their own provider’s rate and the best rate in the market.

However, from today, they are obliged to ask about health and lifestyle information, and use the response to generate a market-leading quote.

Stephen Lowe, group communications director at Just Group, said: “People seeking secure retirement income should be prepared to answer questions about their health and lifestyle or it could be costly.

READ MORE: Pension: Workers issued ‘stark warning’ on saving for retirement – are you saving enough?

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