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11 Firms fail to reveal annuity deals

Eleven annuity providers that are still open to new personal pension or stakeholder business do not publish their annuity rates, according to Standard Life head of pensions policy John Lawson.

He is calling for all annuity providers to publish their rates to enable comparisons.

Clerical Medical, Skandia, Zurich and Scottish Life are among providers operating in the market which do not supply their rates on the FSA’s comparative tables.

Lawson also says St James’s Place, Winterthur, NFU Mutual, LV=, MGM Assurance, Scottish Mutual and Wesleyan do not publish rates.

He says that Axa could be seen as a culprit because it only publishes rates for annuities over £60,000.

He says: “As 95 per cent of annuities are under £60,000, how can an Axa policyholder compare their Axa annuity on a like-for-like basis with other providers?”

Scottish Life head of communications Alasdair Buchanan says: “We do not actively market annuities so there is no value in providing this information. It would be a nonsense to do this.”

Richards Jacobs Pensions & Trustee Services director Richard Jacobs singles out Skandia for criticism. He says: “Skandia has this system which I think is appalling where the rate is provided by Legal & General but Skandia takes the commission from the sale and the adviser does not get any of it.”


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