The survey, to which almost 12,000 annuity customers responded in May this year, highlights requirements for more information on basic benefits, taxation, local care and support services.
A third of total respondents indicated they would like information about the benefits to which they are entitled and more than a quarter wanted more information on care and support services.
Nigel Barlow, head of research at Just Retirement, commented: “The financial issues facing those in retirement are varied and complex and it will come as no surprise to anyone that there is a high level of interest in further guidance on these issues. The route through benefits and tax can be difficult to navigate and many pensioners are actually missing out on something to which they are entitled as a result.
“Our own research with those receiving advice on equity release last year showed that 24% had not claimed state benefits and some received a useful boost to their finances as a result. Many of the questions we deal with from annuitants also relate to the tax system and we have issued guidance on this subject to our customers.”
The same survey demonstrated that a large proportion of annuitants have access to a computer and the vast majority of those that do often use it for research.
Pam Day, Just Retirement’s head of group customer services, has responsibility for dealing with these queries and added: “While lack of information is not the only issue, making it easier to understand the available benefits and giving people easy access to clear guidance will help ensure pensioners get the retirement they deserve.
“This is an area where providers can help a great deal but it is also true that many clients will rely on their advisers for this.”
