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

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Annuity rates set to improve, say advisors

More than half of independent financial advisors (IFAs) expect annuity rates to improve over the next five years, according to a survey conducted by Primetime Retirement.

It found that 58% of IFAs expect annuity rates to climb in the next few years, while the vast majority (82%) are concerned about locking clients into currently low annuity rates.

91% of IFAs surveyed believe that the Bank of England base rate is set to increase over the next five years, with the effect that annuity rates will be pushed up.

Kim Lerche-Thomsen, chief executive of Primetime Retirement, 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.

MGM Advantage’s Annuity Index recently revealed that annuity rates went into ‘free fall’ in the third quarter of the year, with conventional and enhanced annuities plummeting by 7% and 5% respectively since June.

The drop is the highest quarterly fall recorded since the Index launched in August 2009. Further figures from the Index also show that average annuity rates have dipped by a staggering 20% between August 2009 and September 2012.

Commenting on the reasons behind the fall, Aston Goodey, distribution and marketing director at MGM Advantage, argued that the fall was “largely driven by record low gilt yields.”

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