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.