Annuities: Why delaying your purchase could take 40 years to make up

iStock_000024336538_ExtraSmallFollowing the pension changes announced in the Budget many people have put off buying an Annuity. Some people have delayed because they plan to take advantage of the more flexible rules to be introduced from April 2015. Whilst others will be hopeful that new products are launched, which might offer a better solution. Retiring soon? Our advisers can help you make the right decision...

Annuities: Why delaying your Annuity purchase could be very costly

iStock_000006992053XSmallAs Annuity rates show signs of increasing, many would-be retirees might be tempted to delay their Annuity purchase, but new research shows this could prove to be a costly mistake. Figures from Annuity provider MGM Advantage, show that the lost income resulting from a two year delay in buying an Annuity, could take between 37 and 41 years to recover; well above the remaining life expectancy of the average retiree. Delaying an Annuity purchase As gilt yields have started to rise and Annuity ...

Carney delivers disappointment for savers and pensioners

ThumbThe new Governor of the Bank of England, Mark Carney, dealt a huge blow to savers today, as he revealed the Bank will not consider pushing up interest rates, until the unemployment rate falls to 7%. The current jobless rate stands at 7.8% and to reduce the level to the proposed new threshold would mean an additional quarter of a million jobs would need to be created. Delivering his first Inflation Report Mr Carney said could take a further three years. With at least a nod ...

Income Drawdown Q & A: Everything you need to know about the Income Drawdown changes

Barnett WaddinghamIn our latest guest blog Andy Leggett from Barnett Waddingham looks at the recent changes to Income Drawdown and how they will affect you: Higher Drawdown Rates from 26 March 2013 In April 2011, the maximum pension that a member could drawdown as income was reduced from 120% of the equivalent annuity rate (set by GAD – the Government Actuary’s Department) to 100% of this rate. In George Osborne’s Autumn Statement, the Chancellor responded to pension industry concerns about ...