Investment provider and platform Hargreaves Lansdown says FCA data reveals that pension savers have snubbed guarantees on pensions worth £3bn.

Firms must inform consumers how much they could gain from shopping around and switching provider before they buy an annuity, under new rules which take effect today.

Canada Life Group has reached an agreement to acquire the annuity and retirement product specialist Retirement Advantage in a sign of further consolidation in the annuity market.

Advisers will be asked to tell clients that the annuity they are being recommended may not produce the best annual income if the firm lacks details of all market rates.