The firm’s analysis of Financial Conduct Authority (FCA) Retirement Income Market Data found two-thirds (62%) of annuities this year (2024/25) were purchased after customers had shopped around for the best rates, up from 59% the previous year and 53% the year before.
It found that two in five (40%) of these had done so with professional brokers and 22% with advisers, while 68% overall with large pensions (£50,000 and above) had switched providers.
The proportion of those purchasing annuities, also known as guaranteed income for life (GIfL) products, from their existing provider was lo…
