We’re angry no one told us we could shop around

MANY readers retired many years ago, but are still baffled by what pension they have got.

Terry Hickman, from Burton-on-Trent Staffs, was sold a pension by a financial adviser in 2000.

The 73-year-old did not realise that as he suffered from type 2 diabetes, he could be entitled to more. He was never asked to declare this condition — or knew that he should. He took a lump sum from his £43,000 pot

and converted the rest into an income with Standard Life that would increase in line with inflation and provide payouts to his wife after his death. His first annual income quote was £1,925.

‘I tried to do the best for my family,’ says Mr Hickman. ‘But I was unaware that my diabetes would improve my quote. It may be only by a few hundred pounds a year, but it’s not to be sniffed at.’

A Standard Life spokesman said it always asks customers who go direct to it about their health to see if they qualify for an enhanced annuity.

To this day, Ken Fletcher, 66, and his wife Heather, 65 ( pictured), from Verwood, Dorset, who retired in 2009, are not sure what pension they have got. He had £19,770 with Prudential and took their offer of an income. He gets £94 a month. Mrs Fletcher, who has poor health, had £22,574 with Prudential and gets £95 a month from them.

‘We went with Prudential as we had always saved with them and trusted they would have our best interests at heart,’ says Mr Fletcher. ‘I wish I had shopped around. We may have got better.’

Prudential says he did visit a broker — but the Fletchers say they have no recollection of this.

A spokesman says: ‘The product they chose has performed well and has given more income to them than would have been available from the best in the market standard annuity.’