Industry should encourage shopping around for annuities

As the Financial Services Authority publishes its review of the quality of annuity provider literature and alleged delays in the transfer of annuity funds, Which? personal finance campaigner, Dominic Lindley, says: "We are disappointed that so many companies are failing to provide clear information to consumers. The industry needs to redouble its efforts to inform people of the benefits of shopping around and to ensure that any transfer is completed within 10 working days.

"Purchasing an annuity is a once in a lifetime decision so it's important to get it right. Which? research found that people could benefit by more than £1,400 a year by shopping around. Those with health problems may be able to benefit by even more."