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Wrong annuities could leave pensioners with debt problems

Wrong annuities could leave pensioners with debt problems

- Friday, 27 August 2010

Retiring workers could face significant debt problems if they fail to shop around for the best annuities.

Pension companies are required to inform those approaching retirement age that they can shop around for annuities, with those failing to do so liable to lose as much as half of their income, an expert from Hargreaves Lansdown warned.

Laith Khalaf told the Telegraph that the difference between the best and worst rates in the annuities market is 20 per cent.

Annuities are used to turn pensions into an annual income and choosing the right one can be a difficult process, the newspaper noted.

"The government is now looking at ways to steer people towards shopping around because ultimately it is in their best interests to do so," Mr Khalaf was quoted as saying.

Potential debt problem for those in retirement could be further exacerbated by the fact that a third of adult children expect they will need to rely on their parents for financial support during their twilight years.

According to research by Aviva, one in five retiring parents thinks they will continue providing their child with financial support in the future.ADNFCR-2300-ID-800042672-ADNFCR
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