- Tuesday, 17 November 2009An increasing number of UK pensioners could find themselves in poverty as a result of a lack of negotiation when choosing their annuity.
Research from MGM Advantage reveals that while UK citizens are happy to haggle on a number of day-to-day items, they are less willing to do so when it comes to their pension.
Figures show that 48 per cent of people negotiate over buying home furnishings, but only 11 per cent do when considering their pension plan.
The lack of concern for finding the best deal could see an increasing number of people struggling financially in their later years, potentially having to adopt an
individual voluntary agreement (IVA).
Aston Goodey, director of sales & marketing at MGM Advantage said that it was very much in the individual's interest to compare prices.
He commented: "This is particularly worrying as you only have one chance in your life to shop around for the best possible annuity.
"Failing to do so could mean a difference of hundreds of pounds a month, and in some cases could even tip pensioners into poverty."
Only 15 per cent of the population said they never haggle for anything.
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