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Annuity Bureau adds enhanced option to online supermarket

The Annuity Bureau has added enhanced and impaired annuities to its online supermarket as it looks to increase the number of customers who shop around at retirement.

It quotes enhanced and impaired rates from Just Retirement, Reliance Mutual, LV=, Partnership and MGM Advantage.

Conventional annuities are provided by Aegon, Aviva, Legal & General, Hodge Life, Prudential and Canada Life.

The decision comes as pressure continues to build on pension providers to increase the number of people who shop around for an annuity product.

Recent figures from the Association of British Insurers found just 15 per cent of annuity contracts took enhanced annuities in the third quarter of 2011, down from 18 per cent in the previous quarter.

The Annuity Bureau head Gemma Goodman says: “Across the market, approximately one in five people select an enhanced annuity but we believe the figure should be much higher.

“By adding enhanced annuity rates to our online annuity supermarket, alongside educational material about the different options available to those approaching retirement, we hope to help our customers make informed choices and secure the best possible income to fund their future lifestyle.”

Just Retirement director Steve Lowe says: “We welcome the inclusion of enhanced annuities as it will support increased adoption across the market of retirement solutions to improve customer outcomes.”


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