View more on these topics

Tesco to launch annuity comparison service


Tesco is expanding its comparison service to include annuities.

The FT reports that the Tesco Compare service, which is currently used for car and home insurance quotes and better deals on household bills, will introduce customers to UK annuity providers subject to regulatory approval.



Tesco says it has no plans to use data from its Clubcard customers’ shopping habits to source annuity quotes but will use its details about customers’ ages to promote it to those approaching retirement.

Last December, Lloyds Banking Group launched a non-advised annuity comparison service using a panel of 11 providers and sold products through its retail brands.


Industry warns auto re-reg for platforms is still a long way off

Although re-registration is a mandatory requirement for platforms, the goal of industry-wide automatic, in-specie transfers between platforms is still some way off. With the added complication of multiple share classes and the threat of preferential shares being given to individual platforms, re-reg is taking longer than expected. Money Marketing recently revealed platforms have clashed over the […]

Aviva corporate benefits director Paul Goodwin leaves

Aviva UK proposition, strategy and development director Paul Goodwin is leaving the provider following an internal restructure. Aviva has decided to combine its corporate benefits and savings and investment divisions into a single ‘pensions and investments’ team led Andy Curran, who becomes UK life pensions and investments managing director. Goodwin has left the provider as […]

Andrew Montlake MM blog

Andrew Montlake: Slipping service standards?

“It’s a service driven economy, stupid!” With apologies to James Carville, the phrase is of course a slight variation of the phrase “The economy, stupid” which he coined as a campaign strategist of Bill Clinton’s successful 1992 presidential campaign against sitting president George H. W. Bush. A perversion it may be but it is the […]


FCA explains procedure for investigating own failings

The Financial Conduct Authority has set out how it will decide whether to investigate and report on possible regulatory failure. As the FSA, the regulator published reports examining its role in the failures of Northern Rock and Royal Bank of Scotland and in Libor rigging. Under the new regulatory structure, the FCA will have to […]


News and expert analysis straight to your inbox

Sign up


There are 7 comments at the moment, we would love to hear your opinion too.

  1. Will this be another ‘execution only servic’ that will get Tesco commission where as if I tell someone that xyz is best I have to charge a fee

  2. I am thinking of starting a comparison site for baked beans.
    This makes me a grocery expert. ;>)

  3. And what about making the choice between joint and single lives? Escalating or level? Synergy between the personal and State pension? (Tax rates? Deferment of state benefits etc.). Given the lamentable public ignorance of all things financial and current efforts to ensure that they receive the opportunity to maximise their pension pots is this latest venture going to help? Presumably Tesco’s are not doing this for wholly altruistic reasons and aim to make some money out of it – at the potential detriment to some perhaps?

  4. Annuity? That’s the one where you give all your money away to a life office and start getting back a small taxed amount of it in a trickle, and then if you die your money is given to strangers… How disgustingly immoral these things are.

  5. Or it could be that the customer is exercising their OMO, surley irrespective of advice this will put the majority of customers in a better place by sourcing through a panel, potentially obtaining an enhanced annuity than just remaining with their pension provider and the standard annuity they would offer.

  6. I don’t see any problem with Tescos doing this provided they operate on a level playing field i.e. pointing out the cost of purchasing an annuity through their comparison site and pointing out that annuities aren’t the only pension income option.

    I actually think that the amount of options available for annuities will confuse most people and hopefully push them towards getting advice. Just how many people will realise that the first quote you get isn’t always the final quote you have to take?

  7. Tesco is right in their business model, why try and give advice and charge a Fee when you don’t need to give advice and get more income by way of Commission!!
    It seems giving advice has bigger costs, lower returns along with a lifetime of potential liability du to no long stop and because of the Tesco brand folks will always feel they are getting the best “value”

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm