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Lloyds launches non-advised annuity comparison service

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Lloyds Banking Group has launched an online annuity comparison service designed to help people shop around at retirement.

The non-advised service, which provides annuity quotes from a panel of 11 providers, will be available through its Lloyds TSB, Halifax and Bank of Scotland retail brands.

LBG head of wealth and advice Simon Clark says: “As an annuity purchase is a one-off decision that you are locked in to for life, it’s really important to explore all the options before making a choice.

“Our new service is designed to make this process as easy as possible.”

The providers selected for the panel are Aviva, Canada Life, Hodge Lifetime, Just Retirement, Legal & General, LV=, MGM Advantage, Partnership, Reliance Mutual and Scottish Widows.

Providers pay a commission and charges are included in the quote provided.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. None advised, full commission!
    That will be an RDR result then and “fee” free for the consumers.
    No advice & no redress all paid by commission.

  2. So Scottish Widows new impaired annuity will be on offer?

    What a great results for the consumers. No advice and full commission.

    Happy days!

  3. It’s been mentioned on these discussions before but the law of unintended consequences strikes again.

    FSA/FCA bans commission when recieving advice. Availability of advice decreases. Rise in availability of non-advised purchase options all paid for by commission that FSA/FCA wanted to ban.

    You couldn’t write it.

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