Nationwide has committed to paying customers £250 if the building society’s annuity shopping around service is unable to offer them a better deal than their existing provider.
The Nationwide “annuity challenge”, launched today, guarantees that the building society will increase a saver’s retirement income by beating the annuity quote from at least one of their current pension providers.
If the Nationwide Annuity Service is not able to achieve this, Nationwide says the customer will be paid £250.
Nationwide head of product – protection and investments Guy Simmonds says: “The annuity challenge is a bold offer to customers to wake them up to the fact that an annuity is a long term investment where they have one chance to make the right decision, and by shopping around they could find a better annuity deal.
“They may be bombarded by paperwork or find it easy to tick a box on a form to accept an offer from their existing pension company, but it can have long-lasting consequences not to shop around for the best annuity deals.”