Aon Consulting, a pension, benefits and human resources consulting firm, has launched the Aon Annuity Finder, a new annuity service designed to help pensioners take advantage of the best rates in the market.
Aon Consulting said that it has developed the Aon Annuity Finder to give employers peace of mind that its pension scheme members are being professionally assisted with their retirement decisions. The service also includes access to a helpline manned by annuity consultants to handle questions from scheme members and guide them through the annuity options.
Helen Dowsey, principal in the benefit solutions division of Aon Consulting, said: Buying the right annuity is one of the most crucial financial decisions for DC members and in today’s environment we are already seeing implications of bad decision making when it comes to annuity purchase. Current rising inflation could erode the purchasing power of pensioners by 20%, specifically those 60% of retirees who simply opted for the cheapest option of buying into a fixed rate annuity.