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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Pensioners to Lose Over £100 as Annuity Rates Are Cut

Pensioners could be facing problematic finances in the future as annuity rates have suffered their fourteenth cut since July; placing those who are of retirement age more than £100 worse off in many cases.

According to the data provided by Hargreaves Lansdown, current rates are as much as 2.6% lower than they were at the beginning of July – equating to a £152 reduction for a 65 year old man receiving annuity on a £100,000 fund.

Annuities are a vital form of insurance which provide regular income in exchange for a lump sum. This is designed to facilitate budgeting and money management during retirement, when income levels are notoriously restricted.

Unfortunately, the continued struggle of the UK economy has impacted numerous areas of personal finances, with annuity rates one of the latest victims. Increased life expectancies and higher underwriting costs have also been labelled as potential sources for the reductions.

With a total of fourteen cuts having been made to annuity rates over recent months, the situation is showing little sign of abating, with industry experts warning pensioners to prepare for further shortfalls.

Head of Research at Hargreaves Lansdown, Tom McPhail, explained that the recovery of gilt yields currently being experienced is not expected to “feed through into annuity rates unless the recovery turns more substantial” whilst the Director General for the Saga Group, Ros Altmann, labelled the rates as being “artificially depressed”.

Pensioners with annuities or those considering investing in them are advised to consider their options carefully and well in advance to prevent making misguided and ill-informed decisions.

Financial advisors have also been called upon to ensure consumers are sufficiently educated about the products.

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