Lloyds Banking Group has launched an online annuity comparison service offering quotes from providers including Prudential, Aviva, Legal & General, Just Retirement and Partnership.
The Daily Telegraph reported that the service will compare quotes from 11 providers with the cost of the service met by commission paid by the annuity providers.
Simon Clark of Lloyds Banking Group told the paper: ‘As an annuity purchase is a one-off decision that you are locked in to for life, it’s really important to explore all the options before making a choice. Our new service is designed to make this process as easy as possible.
‘We do the legwork by searching our panel of annuity providers, including several household names, so people can secure a better retirement income – something that I’m sure will be welcome given the current squeeze on annuity rates.’