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80% of IFAs worried about low annuities rates

A growing number of financial advisors are concerned about the low rate of lifetime annuities and are looking for alternatives, according to new figures. 

A new study from retirement specialists Primetime Retirement, which polled 447 UK based IFAs, found that 79% of them do not believe that conventional annuity rates will rise over the next year.

The weak economy has led to a default in interest rates leaving savers and investors suffering.

The Bank of England base rate has been at a historic all -ime low and has dramatically slashed the chance of seeing bigger returns.

Interest rates have remained at 0.5% for over three years and so it is no surprise that outlook for the next 12 months is grim.

However, it is not all doom and gloom, some 58% of IFAs predict that annuity rates are likely to improve in the next year.

Primetime Retirement chief executive Kim Lerche-Thomsen said: “We are currently seeing low annuity rates which are causing IFAs to search out alternative annuities but it is encouraging to see that over the next five years, rates should improve.

“Today we see flexibility in all other financial services sectors, so why not for retirement income products? Despite people living much longer, a person's health and family circumstances are unpredictable.

“[For example] fixed-term annuities allow those in retirement to determine which type of annuity suits them best in individual five to six year stages throughout the latter part of their life.”

The research suggests that the income gap that many face in retirement is increasing as the nation typically lives for longer.

Despite working flexibility being available for older generations with the statutory retirement age being scrapped, many still face income issues in retirement.

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