Insurers can pocket up to £29,000 profit on a £100,000 annuity

Insiders at some of Britain's most powerful firms, actuaries and leading academics have helped the Daily Mail piece together where every penny of savers' nest eggs go. The investigation found how insurers are employing extreme caution to keep their profits high and payout rates at rock bottom levels. Based on insurers' own predictions, they claim to make £6,500 profit from every £100,000 of savings. But this assumes savers always pick the very best deal and live until they are 90. In reality, on average someone turning 65 this year will die when they are 84 - and the vast majority...