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Pension Annuities Under Investigation By The FSA

The Financial Services Authority (FSA) is currently carrying out a serious investigation into the annuities market with many concerned that those with maturing pension plans are not being given impartial advice. Unknown to many pension fund holders, they are actually allowed to shop around for the best annuities on the market, rather than automatically purchase an annuity from their pension fund administrators. The Daily Mail newspaper has been very vocal in calls for a serious look at the industry and it seems as though the wheels may now be in motion.

The FSA is looking to re-educate pension holders in the long term and ensure that they know their rights when looking to acquire annuities upon maturity of their schemes. There have been a number of instances where pension fund administrators do not appear to have made clear the fact that consumers are able to shop around. As there is a surprising difference in the depth and quality of annuities in the market, a wrong move can literally cost thousands of pounds in the long run.

While the FSA investigation will take some time to complete, it is most definitely a move in the right direction.

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