Pensions Minister keeps up pressure on Annuity industry

Steve Webb 1Steve Webb, the Government’s Pensions Minister, has continued to build up pressure on the Annuity industry, saying yesterday that “Annuities need a rethink.” The latest intervention from Mr Webb comes on the back of comments he made earlier in the month promoting the idea of a switchable Annuity, which would allow pensioners to change their Annuity provider much like someone might do with their mortgage or credit card. Annuity reform? A Lifetime Annuity, often simply referred to as an Annuity, is used ...

Guest Blog: ‘Approaching retirement? Be sure to avoid the biggest financial mistake of your life.’

Guest blogJulian Knight, Personal Finance Editor of the Independent on Sunday, writes exclusively for Investment Sense: The majority of people should seek advice when purchasing an Annuity, says Julian Knight, personal finance editor of the Independent on Sunday. Not to do so could severely impact their retirement. It’s one of the biggest financial decisions you can make but many people spend no more than a few minutes signing on the dotted line....

Retirement: Annuity rates in record fall, again!

Any would-be retirees hoping for a break from falling Annuity rates will need to think again following the publication of a new report which shows record breaking falls in Annuity rates. The Moneyfacts Treasury Report: Personal Pension and Annuity Trends makes depressing reading for anyone approaching retirement, although people who bought an Annuity earlier in the year may well feel vindicated by their decision not to delay. According to the report, Annuity rates are heading for their biggest fall in a single year since 2002, having dropped by 8.6% for a male aged 65, since the start of the year. The ...

Retirement: Annuity rates fall 7% in just three months

A new survey has confirmed just how far Annuity rates have fallen over the past few months. The latest figures from the MGM Advantage Annuity Index show that Annuity rates have fallen by 7% over the past three months. Enhanced Annuity rates, which can provide a higher income for people who suffer from ill health or have certain lifestyle issues, such as smoking, fell by 5%. Our advisers can get you the latest annuity rate...