Tesco to launch pensions annuity comparison service

Tesco is planning to add a pensions annuity service to its existing Tesco Compare price comparison website.

The service will enable pension savers that are approaching retirement to shop around for the annuity that pays the highest income.

Tesco does not plan to sell own-brand products, but will introduce users to UK annuity providers through its Compare service.

A spokesperson from Tesco said: “Subject to regulatory approval, Tesco Compare plans to expand its price comparison site to include an annuity comparison service.

“Our application is currently with the regulator and we will update our customers in due course.”