Consumer organisation Which? plans to launch a non-advised annuity shopping around service alongside a new annuity advice offering.
Which? has confirmed it is developing a new service, called Which? Annuity Advisers, that will offer advice on products from across the annuity market.
Which? says savers who use the new service will also have the option of buying an annuity without receiving advice. The non-advised annuity service will provide users with quotes from the whole of the market.
A Which? spokesman refuses to confirm how much consumers will pay for annuity advice or whether it will receive commission from providers through the non-advised service.
The spokesman says: “Which? is developing an annuity advice service to help consumers find the best solution for their retirement income.
“This will include a free website with practical, jargon-free information as well as paid-for, personalised and unbiased annuities advice from impartial advisers working across the whole of the market.
“The non-advised offering will provide all of the necessary quotes and information for consumers, as well as the ability to transact.”
Which? has not yet set a date for the launch of the service.
Which? Annuity Advisers is a trading name of Which? Financial Services, the organisation’s FCA-regulated advice arm. Which? has offered a mortgage advice service since November 2010, and began referring customers to LifeSearch for protection business in January.
Which? Financial Services currently employs 35 mortgage advisers.
Worldwide Financial Planning IFA Nick McBreen says: “I am very concerned that Which? is looking to do both non-advised and advised because non-advised is a nightmare.
“Even with advice, if you are just looking at annuities, there is still a risk the customer will end up with the wrong product.”