article_snippet: Companies will have to do this every time Companies send a customer a quote for an annuity – when a pension pot is turned into a fixed income for life.
article_snippet: From next month, pensioners will no longer have to buy an annuity with pensioners pension pot and can withdraw all or part of an annuity.
article_snippet: However, many are expected to still opt for one because pensioners want the security of a fixed income during retirement.
article_snippet: The Financial Conduct Authority (FCA) director Christopher Woolard said: ‘The retirement income market is set for the biggest change in a generation.
article_snippet: We want to ensure The retirement income market is fit for purpose.
article_snippet: Experts said the new rules – to be introduced next year – will prevent swathes of pensioners blindly accepting a poor-value annuity offered by pensioners blindly accepting a poor-value annuity offered by their pension provider pension provider.
article_snippet: Andrew Tully, of retirement firm MGM Advantage, said: ‘Pensioners are locked into poor-value annuities because Pensioners are not encouraged to shop around.
article_snippet: Known as a pension passport, it would make it easier to switch to a better deal.
article_snippet: Since Money Mail campaigned on the issue Money Mail has won the backing of pensions minister Steve Webb.