Aviva launches annuity awareness campaign
Aviva has launched a television and press campaign that alerts the soon-to-be-retireds to the advantages of shopping around for annuity rates.
The insurer claims that people can boost their retirement income by up to 10% by making an effort, rather than sticking with their current pension provider.
According to the group, nearly 450,000 annuities are taken out in the UK each year but only around 37% are taken out using the Open Market Option.
The importance of securing the best rate is illustrated by an Aviva survey which reveals that nearly half of retirees questioned found it difficult to adjust to living on their retirement income in the first year, and more than a quarter said they overspent, seven per cent by a significant amount.
The group’s marketing, brand and communications director for UK life, Gary Pepler, says: “When devising this campaign we worked extremely closely with people approaching and in retirement … we discovered that while most new retirees love the freedom that retirement affords, there are still concerns over managing money.”
Category: Aviva News, Insurance News
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