The Annuity Bureau has launched a 24-hour ‘quick-quote’ service designed to help savers to shop around for an annuity.
TAB says the new service will allow users to obtain a range of annuity quotes from pension providers within 24 hours.
Users are required to fill out one-page form which includes questions on health, the type of annuity required and whether or not a cash lump sum is needed at retirement. TAB then uses this information to source annuity quotes.
The Annuity Bureau head Gemma Goodman says: “It is absolutely essential that people do all they can to get as much information as possible when they are approaching retirement or are considering taking out an annuity. Once a decision has been made, in most cases there is no turning back, so people need to get it right first time.
“We have launched this 24-hour quote service to make it as simple and painless as possible for people who want more information about the next steps but who don’t want to endure endless, time consuming form filling at the early stages of the retirement process.”