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Virgin Money launches restricted annuity comparison service

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Virgin Money has launched an annuity comparison service with a restricted panel of providers.

The Pensions Annuity Service, set up by Partnership, will allow customers to get an annuity quote from a selected panel of providers which it estimates covers 80 per cent of the market.

The non-advised service is available online or over the telephone.

Virgin Money investments and protection director Anthony Mooney says: “The potential benefits for pensioners from shopping around are huge.

“That is why Virgin Money has teamed up with Partnership to provide a new service to provide all the information customers need in a simple and straightforward way, to be able to make an informed choice.

“Buying an annuity is a once-in-a-lifetime decision which pensioners have to literally live with. The income is fixed for life and there are no second chances.”

Earlier this year, Tesco revealed it is expanding its comparison service, Tesco Compare, to include annuities. The Money Advice Service, Avelo and Lloyds Banking Group are among some the other firms running comparison services.

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Comments

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  1. From the website: “Independent research shows that over 80% of customers who used our Pension Annuity Service got a top 3 market leading quote.*”

    So 20% of customers get a rate worse than top 3, and a chunk of the 80% won’t be getting the best rate available.

    That doesn’t sound a great deal for the customers using this service.

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