Data from the pensions provider revealed that of the 50 per cent of people who stayed with their current pension provider, just 6 per cent went on to buy an enhanced annuity, suggesting that many of the other 44 per cent receive a poor deal.
Mr Tully said this equated to £435.8m in ‘lost’ income during the course of an average retirement for the 60,328 people who retired in the first nine months of 2013.