Annuity comparison tool launched by PRS

Premier Retirement Solutions (PRS) has launched an annuity comparison service in a bid to help retirees make the most of the open market option (OMO).

The service on Moneyfacts.co.uk compares rates from eight providers as well as comparing enhanced and impaired annuities.

Legal & General, LV=, Aegon, Standard Life, Prudential and Just Retirement annuities are compared via the service.

"As the number of people reaching retirement is forecast to exceed 800,000 during the next few years it's vital that new services are introduced to enable customers to shop around to find the best retirement income solution and the best rate," said Stephen Lowe (pictured), director of Just Retirement.

"Combining the innovative technology and excellent customer service of Just Retirement and JLT with the powerful and relevant consumer brand of Moneyfacts will raise awareness of the opportunity and deliver a solution to enable pensioners to make improving their retirement income a reality."

Paul Armitage, of employee benefit consultancy JLT, added: "We are working with our clients on getting the most from auto enrolment.

"This will hugely increase the number of people who will benefit from the improved annuity purchasing decisions we are facilitating here with Moneyfacts."

PRS is the joint venture between annuity provider Just Retirement and employee benefit consultancy JLT Benefit Solutions.