Nearly one million people are considering annuities for the first time as a result of rising annuity rates, according to a new prediction.
Legal & General chief executive John Pollock has warned that Government proposals could result in 1.7m pension savers in legacy schemes paying £4.3 billion in unnecessary charges.
Legal & General, owner of Sipp provider Suffolk Life, has seen pre-tax profit increase by 13 per cent to £592m in the first half of 2013.
Suffolk Life has increased the size of its sales team to cope with demand from advisers.