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'Many over-55s confused by financial products'
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PostPosted: Tue Nov 30, 2010 3:32 pm 
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Location: Hampshire
Age UK Enterprises research finds many over-55s are confused by financial products
To help consumers, Age UK Enterprises launches new Annuity Service in partnership with Premier Retirement Services.

According to latest research from Age UK Enterprises, the commercial services arm of Age UK, 61 percent of over-55s are confused by financial products. Only around one in three (30%) over-55s are confident that all the financial purchases they have made are best for their needs.

This is a particular issue when it comes to annuities, products that convert a pension fund into regular income through retirement. The Age UK Enterprises research found that of those most likely to require an annuity, the 55-64 year olds, nearly half (48%) did not know what an annuity was. Nearly a quarter (23%) wrongly believed it to be an investment fund.

Our new Annuity Service
To support the increasing numbers of people reaching retirement through this area of confusion, Age UK Enterprises is today launching an Annuity Service in partnership with Premier Retirement Services, part of JLT Benefit Solutions. The service will provide information and guidance through its online comparison site or through its telephone service, to support customers shopping around when they buy an annuity, and in doing so to help them to maximise their income in retirement.

Our ambition is that our service will help more people take advantage of the open market option when purchasing an annuity which could increase retirement income by up to 40 percent. This could mean an additional retirement income of £779 per year on an average annuity purchase of £30,000.

The Age UK Annuity Service has been designed to help and support those in later life who might not know who to ask for more information or may not be able to access the available advice when buying an annuity. The service is available to those with lower value pension funds and can be through its online comparison site, telephone service, or alternatively customers can opt for a full advisory service. It is also supported by substantial information and guidance for customers at or approaching retirement.

http://www.ageuk.org.uk/


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