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Saga and Bureau to raise Omo awareness

Saga Financial Planning is teaming up with the Annuity Bureau to set up an annuity service aimed at raising awareness of the open market option.

The deal will give Saga customers an execution-only service through The Annuity Bureau without charging the normal enquiry fee of £58.75.

Customers wanting advice on annuities and the alternatives to annuities can get it through Saga&#39s own advisers or through The Annuity Bureau, although an enquiry fee will be charged.

Figures from the ABI show that 55 per cent of annuity buyers do not shop around on the open market and if they had done so they could have been typically 14 per cent better off.

Saga managing director Andrew Goodsell says: “We strongly believe that the annuities&#39 system is disadvantaging retired people and has got to be changed as annuities are a minefield that people are being compelled to walk through. We hope that raising the profile of how to maximise returns, given the current regulations, will benefit people in the meantime.”

The Annuity Bureau managing director Peter Quinton says: “We are awaiting the outcome of the FSA&#39s consultation into annuities, but in the meantime we need to get over to people the benefits of shopping around.”

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