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Latest Finance News related to Annuity

The safety-first for savers and pensioners trying to secure shares image
Source : Daily Express [Read Article] Wednesday 17th of May 2017 12:01:00 AM
....” . Sanlam, commercial director Elliott Silk said inflation hits retirees hard, reducing buying power and nest eggs: “For those living on a fixed annuity income the cost can be staggering. ...
Britain's booming pension funds see retirement income surge by 12 per cent  image
Source : Daily Express [Read Article] Thursday 11th of May 2017 04:32:00 PM
....uk showed. On top of higher annuity rates, it means that retirees have seen income from the insurance products surge by 14. ...
Tax raid postponed as ministers rush through finance bill image
Source : Guardian [Read Article] Tuesday 25th of April 2017 04:42:20 PM
....This measure could still in theory take effect in April 2018, assuming the Conservatives win the election, as the government would have plenty of time to reinstate it before that date. Another controversial item dropped from the finance bill was the reduction in the so-called money purchase annual allowance from £10,000 to £4,000, which affects people aged over 55 who have already made use of the pension freedoms introduced in 2015 that abolished the requirement to convert a pension pot into an annuity. ...
PENSION CRISIS: Women LAGGING behind in huge pensions gap image
Source : Daily Express [Read Article] Wednesday 19th of April 2017 12:01:00 AM
.... . Rising stock markets since last June have also pushed up the value of the nation’s nest eggs, but many will struggle to generate sufficient retirement income thanks to low interest and annuity rates. ...
Over-55s urged to wise up on pension advice image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 10:43:00 PM
....This could trigger a “mis-buying” crisis as people make poor decisions, often losing many thousands of pounds, pension experts have warned. Retirement decisions are more complex following pension freedom reforms, which have given savers the choice of cashing in their entire pot or locking into an annuity. ...
Pension trick could see Britons rake in HUNDREDS of pounds EVERY MONTH if done by April 5 image
.... The scheme means a 65-year-old woman could exchange £8,900 for £520 per year, which would rise in line with CPI inflation each year, calculations by Mr Webb showed. By comparison, the same woman buying an index-linked annuity, with a 50 per cent pension for her husband if she were to die first, would get an annual income of just £195 per year. ...
UK’s star fund manager aims to win over the older savers market image
Source : Guardian [Read Article] Saturday 4th of March 2017 07:00:08 AM
.... Since setting up Woodford Investment Management in 2013 he has seen more than £10bn pour in from faithful investors. Income Focus will be Woodford’s third and final fund, and is aimed at the 55-plus older savers market who in the past would have been forced to take out an annuity in retirement but now need a regular income from their investments. ...
AMC, APR, ERC explained: The ridiculous financial acronyms that serve to confuse image
Source : Daily Express [Read Article] Wednesday 1st of March 2017 09:01:00 AM
....GAR . If your pension has a Guaranteed Annuity Rate, it may pay a higher level of annuity income than you could get on the open market. ...
Five minute guide to making your pension last longer  image
Source : Daily Express [Read Article] Sunday 26th of February 2017 12:01:00 AM
....So how much dare you draw from your retirement savings each year?. When pension freedom rules allowing the over-55s to cash in their entire pots were introduced in April 2015, annuity sales plunged. ...
Were YOU mis-sold your pension? Prudential and Standard Life review annuity sales image
Source : Daily Express [Read Article] Saturday 25th of February 2017 01:13:00 PM
....It's thought that many people who should have bought enhanced products ended up with the more generic and lower paying annuities. Data from provider Hargreaves Lansdown shows that around six out of ten people will typically qualify for an enhanced annuity. ...
Pensioners sold wrong annuities to get thousands in redress image
Source : BBC [Read Article] Friday 24th of February 2017 04:02:11 PM
. Tens of thousands of pensioners who were sold the wrong type of annuity with two of the UK's biggest insurance companies are to receive compensation. ...
Will we pay higher stamp duty on a buy-to-let property? image
Source : Guardian [Read Article] Thursday 16th of February 2017 11:10:19 AM
.... I can see that the rental income will give you useful extra income both before and after you retire, but that is going to come to an end if you have to sell the property to provide your children with cash help. It could be worth looking into alternatives to property investment, especially now that the rules on personal pensions are so much more flexible and you are no longer required to buy an annuity with your pension savings. ...
The baby boomers have enjoyed the good times – now a tax hike is due | Phillip Inman image
....Until the turn of the century a private or occupational pension was optimistically projected to achieve a level twice or three times what pension providers expect these days. And a pension income, or annuity, costs twice as much to provide. ...
GSK needs no medicine despite talk of poor performance image
Source : Guardian [Read Article] Wednesday 8th of February 2017 07:49:04 PM
.... Developing pharmaceuticals is always risky, and could become more so with Donald Trump determined to cut prices (as Hillary Clinton would have done). It seems reasonable to balance those risks with annuity-like toothpastes and hard-to-manufacture vaccines. ...
Five minute guide to tracing your lost financial assets image
Source : Daily Express [Read Article] Sunday 5th of February 2017 01:57:00 PM
.... . Newman says if you decide to consolidate your pensions it may be worth taking financial advice first: “Make sure you do not give up any valuable benefits, such as guaranteed annuity rates, or incur charges. ...
Alarm bells ring over raids on pension pots image
Source : Daily Express [Read Article] Wednesday 1st of February 2017 12:01:00 AM
....2billion has now been stripped out of pots since former Chancellor George Osborne’s pension freedom shake-up in April 2015. The reforms allow the over-55s to take cash from their pension when they wish, rather than being forced to buy an annuity. ...
Rising retirement age means that smart saving is more important than ever image
Source : Daily Express [Read Article] Sunday 8th of January 2017 12:01:00 AM
....” . Falling interest and annuity rates are also making it harder for ordinary people to save enough, as they will struggle to generate the income they need from their nest eggs. ...
FCA considers £1m compensation limit to increase protection for pensioners image
Source : Guardian [Read Article] Wednesday 14th of December 2016 01:29:36 PM
....These have seen many older people turn their backs on annuities – products that provide a retirement income for life – in favour of investment products such as income drawdown. Currently, if an annuity firm fails the saver will receive compensation of 100% of their loss however much it is, but protection on income drawdown is capped at £50,000. ...
Investors ready for the festive stock market ‘Santa rally’ image
Source : Daily Express [Read Article] Tuesday 6th of December 2016 06:45:00 PM
....Season to be jolly. There is also some good news for those approaching retirement as annuity rates have leapt more than 10 per cent in the last three months, new figures from Retirement Advantage show. ...
More pensioners putting income at risk by linking to stock market, warn experts image
Source : Daily Express [Read Article] Friday 2nd of December 2016 10:26:00 AM
.... Yet, more than half of over 65s don't want to take ANY investment risk with their retirement income - and almost three-quarters of today's retirees think of themselves as risk averse. It comes after pension reforms last year have seen more flexible income drawdown schemes grow in popularity over guaranteed income from annuity policies. ...
What you need to know about funding your golden years image
Source : Daily Express [Read Article] Wednesday 30th of November 2016 12:01:00 AM
. City regulator the Financial Conduct Authority (FCA) plans to make it easier to shop around for an annuity by forcing pension companies to show how much more you could get from a competitor. ...
Insurers must display rival pension annuities image
Source : BBC [Read Article] Friday 25th of November 2016 12:06:11 PM
....Insurance companies selling pension annuities will have to tell their customers if they can get a cheaper deal elsewhere and how to get it. Each year tens of thousands of savers use the money built up in their pension pots to buy an annuity, or income for life. ...
Cashing in your pension will get you the low-down on a drawdown image
Source : Daily Express [Read Article] Wednesday 16th of November 2016 10:33:00 AM
. The over-55s are now free to cash in their pension rather than being obliged to buy an annuity, an income for life. ...
Five-minute guide to making the most of retirement image
Source : Daily Express [Read Article] Sunday 13th of November 2016 12:01:00 AM
. This was less of a concern when the Government forced everybody to buy an annuity, which guarantees an income for life, no matter how long you live. ...
Will vote for Trump bring a financial aftershock? image
Source : Daily Express [Read Article] Sunday 6th of November 2016 12:01:00 AM
....Whatever you think of “The Donald”, the fact that the controversial billionaire and reality TV star can even be considered for the US presidency is a sign we live in strange and volatile times. The financial crisis of 2008 has set off a string of aftershocks that continue to hit ordinary Britons, as rock-bottom interest rates destroy savings and annuity rates, and inflate house prices, with no end to the turmoil in sight. ...
We want to use our pensions to pay a mortgage, but what if we end up in care? image
.... Currently, if you are assessed as having capital of more than £23,250 (excluding any jointly owned property such as your home), you are expected to contribute to the fees. What may be less well known is what’s known as the “50% private pension and annuity disregard”. ...
Pension savers pull £7.6BILLION from pots after freedom reforms  image
Source : Daily Express [Read Article] Wednesday 26th of October 2016 04:03:00 PM
....". Economic Secretary to the Treasury, Simon Kirby, said: "Today's figures prove that allowing people to do what they want with their hard-earned savings, whether it's buying an annuity or taking a cash lump sum, is the right thing to do. ...
Cashing in small pensions 'more popular' image
Source : BBC [Read Article] Wednesday 26th of October 2016 11:33:23 AM
....Previous research has suggested that the most popular use of the cash is for home improvements. Since April 2015, those aged 55 and over have been able to cash in their pension pot, assuming, in most cases, that they have not already bought an annuity (a retirement income). ...
Five-minute guide to the ever-changing world of pensions image
Source : Daily Express [Read Article] Sunday 23rd of October 2016 12:01:00 AM
. Hundreds of thousands had been looking forward to next April, when they had been promised the freedom to exchange future annuity income for instant cash. ...
Government axes plans for pensioners to sell retirement income image
Source : Daily Express [Read Article] Wednesday 19th of October 2016 02:44:00 PM
.... The Treasury said there wouldn't be enough buyers to create a competitive marketplace for sellers. David Newman, head of Pensions at Close Brothers Asset Management, said: “A secondary annuity market had the potential to be the next big mis-selling timebomb, given the sheer scale of consumer protection issues it would generate. ...
Government throws out right to sell annuities in exchange for cash image
Source : Daily Express [Read Article] Tuesday 18th of October 2016 08:22:00 PM
.... . “Pension scammers would also inevitably have seized on the changes to target annuity holders. ...
Treasury carries out major U-turn on pension annuities image
Source : Guardian [Read Article] Tuesday 18th of October 2016 06:56:21 PM
....The plans were originally announced in the March 2015 budget, with Osborne saying that he would be extending pension freedoms to around 5 million people who were locked into annuities they had already bought. The then chancellor said at the time that these people “should have the same freedoms” as those enjoyed by the millions who had benefited from the government’s decision to scrap the requirement to convert a pension pot into an annuity – a product that provides an income for life – and let individuals do whatever they like with their retirement cash. ...
Government right to shelve annuity sales, says industry image
Source : BBC [Read Article] Tuesday 18th of October 2016 04:14:01 PM
....The government admitted that too many pensioners might be lured into selling their annuities - an income for life - in exchange for a lump sum. Acknowledging that most people would be best advised to stick with their current annuities, the Economic Secretary to the Treasury, Simon Kirby, said: "Allowing consumers to sell on their annuity income was always dependent on balancing the creation of an effective market with making sure consumers are properly protected. ...
Is the Bank of England to blame for shrinking your pension pot? image
Source : Guardian [Read Article] Saturday 15th of October 2016 04:33:00 PM
....What can the Bank do to help those who are locking into annuities (retirement incomes bought from insurance firms) since QE?Thousands of retirees have purchased annuities, which provide a retirement income for life, at low rates. An annuity will buy an income of around £3,500 a year for every £100,000 saved, depending on the additional benefits such as index linking to inflation. ...
Pensions: Compensation for those mis-sold annuities image
Source : BBC [Read Article] Friday 14th of October 2016 09:39:44 AM
....Thousands of people in ill-health have been mis-sold pension annuities - an annual retirement income - and will be compensated, a regulator says. An estimated 90,000 people were not told they could shop around or receive an enhanced annuity, the Financial Conduct Authority (FCA) said. ...
Is it time to take profits from surge in equities? image
Source : Daily Express [Read Article] Sunday 9th of October 2016 11:12:00 AM
....Some investors will be tempted to lock in gains by cashing in their pension or stocks and shares ISA investments at today’s higher prices. “Anybody approaching retirement who is keen to buy an annuity has more in their pension pot now, which should partly offset the fall in annuity rates,” he says. ...
How to stop loved ones falling into pensions poverty image
Source : Daily Express [Read Article] Wednesday 5th of October 2016 08:03:00 AM
....If you have previously done this but subsequently your family circumstances have changed, for example you have divorced, then you should make sure it has been updated, Tully added. Anybody approaching retirement who is looking to set up an annuity should consider whether they need to protect their partner as well. ...
Pension savers left to fend for themselves, says TUC image
Source : BBC [Read Article] Tuesday 4th of October 2016 11:06:48 PM
....Just 15% of those setting up a drawdown policy received official help. By contrast, 73% of those buying an annuity - an income for life - did consult a financial adviser. ...
Baby-sized pension? image
Source : BBC [Read Article] Friday 23rd of September 2016 08:59:52 PM
....Combined state, workplace and DC calculator, from Standard Life. Should I delay buying an annuity? Hargreaves Lansdown . ...
Shock pension WARNING for savers five years from retirement image
Source : Daily Express [Read Article] Tuesday 20th of September 2016 12:41:00 PM
....Retirees now have fewer options than ever to guarantee their wealth after work, following the introduction of pension freedoms, according to Met Life. Guaranteed income from annuity insurance products has fallen to record lows and there are now just 11 providers offering the products, meaning less choice and competition for pensioners to get a good deal for the future from their savings. ...
Pensioner shock as 2016 is worst EVER year for retirement income image
Source : Daily Express [Read Article] Thursday 15th of September 2016 04:09:00 PM
Annuity rates plummet, making 2016 'worst year for payouts' image
Source : Guardian [Read Article] Wednesday 14th of September 2016 11:15:39 AM
....Annuities are an income for life, whereby those retiring can swap their pension savings accumulated while at work for an agreed fixed income, paid out every year until they die. Purchasing an annuity was compulsory for most savers until former chancellor George Osborne stunned the £12bn-a-year industry, freeing retirees to do what they liked with their money. ...
PENSION THREAT: Warning for pensioners over government plans to sell off retirement income image
.... The administration costs of a sale could also eat up a significant sum of the eventual payout. The provider said vulnerable investors facing financial pressures or poor health are particularly at risk in the secondary annuity market. ...
Defined benefit pension fund deficit grows by £100bn in a month image
Source : Guardian [Read Article] Wednesday 31st of August 2016 11:01:11 PM
.... Tom McPhail, the head of retirement policy at the financial advisers Hargreaves Lansdown, said: “We’re likely to see more of this kind of announcement in coming months, unless there is sharp pick up in bond yields. “Current monetary policy may have kept the economy going but it is killing pension schemes, with disastrous consequences both for any employers sponsoring a final salary scheme and for any individuals looking to buy an annuity. ...
Annuity rates could make income drawdown the default retirement option image
Source : Daily Express [Read Article] Tuesday 30th of August 2016 08:30:00 PM
....Drawdown allows retirees to take a portion of their pension fund as income while leaving the rest invested. This is an increasingly attractive alternative to locking into an annuity, with rates collapsing. ...
Tax in retirement: Top tips to avoid getting caught in trap image
Source : Daily Express [Read Article] Sunday 21st of August 2016 12:01:00 AM
....5 per cent paid by the average working household. This is another burden for pensioners who have seen their incomes squeezed by low savings and annuity rates and are forced to count every penny. ...
The state pension top-up that no one seems to want image
Source : Guardian [Read Article] Saturday 20th of August 2016 06:01:06 AM
....What do the experts think? Pensions and investment firm Old Mutual Wealth says the rates on offer are “attractive”. It adds that the inflation protection and the fact the top-ups can be inherited means the deal is “comparable with an index-linked, joint-life annuity available on the private market, but at better rates”. ...
Some taking 'too much' from pension pots, ABI warns image
Source : BBC [Read Article] Sunday 14th of August 2016 11:01:15 PM
.... We need a full picture of these customers' circumstances and income," said Ms Braun. A government spokesperson said keeping their annuity incomes was "the best option for the majority of people" but said that people should have the right to make the decision that is best for them. ...
The Guardian view on housing policy: a rethink is needed | Editorial image
Source : Guardian [Read Article] Thursday 11th of August 2016 06:41:58 PM
.... The LGA foresees a £2bn hole in council finances by 2020. An era of very low interest rates, and the new ability of people with pension pots to invest in property rather than buy an annuity with it, is propelling a huge market in buy-to-let. ...

More than 90,000 Royal Mail told their final-salary pension is 'unaffordable' and may close
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....5pc to a record low 0. 25pc last week, four of Britain's biggest insurers have cut pension payouts for savers turning their pension pots into a lifetime income through an annuity. ...
How to boost YOUR pension income and maximise retirement savings image
Source : Daily Express [Read Article] Wednesday 10th of August 2016 03:57:00 PM
. Retirees who want use pension savings to buy an annuity - which offers regular income for the rest of a buyer's life - are faced with already low payouts that are likely to fall further in the near future, experts have warned. ...
Return on UK government bonds turns negative image
Source : BBC [Read Article] Wednesday 10th of August 2016 10:04:55 AM
....But for individuals, especially those seeking a retirement income, and wanting to buy gilts now, low yields mean low returns on their savings. People retiring have traditionally bought an annuity - a financial product that promises a guaranteed income for life. ...
A big thank you to George Osborne – from the pensioners of Britain image
Source : Guardian [Read Article] Saturday 6th of August 2016 06:00:26 AM
.... They used to be compulsory until Osborne stunned the £12bn-a-year industry, freeing retirees to do what they like with their money. Today, annuity incomes have fallen to near-invisible levels. ...
Pensioners warned to think twice about cashing in image
Source : Daily Express [Read Article] Wednesday 3rd of August 2016 12:01:00 AM
....". Tom McPhail, head of retirement policy at Hargreaves Lansdown, predicts annuity sales will slide as drawing cash from your pension becomes the “new norm”. ...
Pension freedom withdrawals accelerate to top £6bn image
Source : Guardian [Read Article] Thursday 28th of July 2016 06:26:23 PM

'Surge' in savers using pension freedoms pushes total withdrawals above £6bn
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....HMRC data published yesterday appears to show a huge jump in savers withdrawing cash flexibly, with 159,000 people using pension freedoms in the second quarter of 2016, around twice the number (84,000) who accessed funds over the same period last year. In April 2015 over 55s were given the ability to spend up to 100pc of their pension as they liked, preventing them from being forced into buying an annuity. ...
Growing number of people working beyond retirement age over pension worries  image
Source : Daily Express [Read Article] Wednesday 20th of July 2016 08:37:00 AM
....Many people will struggle to make their pension pots stretch if they retire at 65, partly because of the decline of annuities. A couple retiring at 65 with a £100,000 pension pot would get an annual income of £4,427 a year from an annuity. ...
Have you fallen for the downsizing delusion? How much you should expect for your house... image
.... . That sounds a healthy sum, but it would buy a single 65-year-old income worth just £5,620 a year from an annuity, or £5,100 for a couple buying a joint life annuity, based on figures from IFA Hargreaves Lansdown. ...
Millennials will spend £53,000 on rent before age of 30, thinktank says image
....Older homeowners who are planning to use their housing wealth to fund their retirement have been warned that they might be under a “downsizing delusion”. Pensions firm Royal London said that someone downsizing from an average detached house (worth £310,000) to an average semi-detached house (worth £197,000), and using the proceeds to buy an annuity, would end up with an annual income of £13,700, including the state pension. ...
Using home to fund retirement is a delusion, says former minister image
....If someone sold a detached house for the average price of £310,000, and traded down to a semi-detached for £197,000, they would have £113,000 with which to buy a pension, he calculated. That sum would buy an annuity that pays out £5,700 a year, without annual increases for inflation. ...
Annuity rates 'in freefall' since EU vote image
Source : BBC [Read Article] Friday 8th of July 2016 03:08:54 PM
....However the drop has been exacerbated by falling bond yields in the two weeks since the vote. Nevertheless, Mr McPhail advised anyone thinking about buying an annuity not to wait for any upturn in rates. ...
Post-WWII baby-boomer pensioners to be optimistic after fallout from Brexit image
....However, many pots have been hit by turbulent stock markets and although the FTSE 100 has recovered strongly since the big post-referendum sell-off, even hitting a 10-month high, uncertainty remains. Andrew Tully, pensions technical director at Retirement Advantage, says: “Today’s retirees with larger pension pots face the tough decision of whether to lock into a guaranteed income at today’s low annuity rates, or to brave market storms by leaving their money in income drawdown. ...
Don’t panic – yet. The Brexit vote has had a surprise effect on pension funds image
....Annuities have taken a hit, with pension companies cutting the amount they will pay the newly retired. Just Retirement and Retirement Advantage both announced cuts to their annuity rates: the former’s are down by around 2%. ...
Savers and borrowers braced for change amid Brexit fallout image
Source : BBC [Read Article] Friday 1st of July 2016 11:17:45 AM
....The movements in the markets - initially a big fall followed by a stronger recovery - means the average pension pot investment is stronger than a week ago. Clearly, this is only on paper, and becomes a financial reality when that pension part is cashed in or converted into an annuity, or retirement income. ...
10 ways Brexit could affect your finances  image
Source : Daily Express [Read Article] Wednesday 29th of June 2016 01:15:00 PM
....Annuity rates have been sliding ever since the financial crisis and this looks set to continue. Tom McPhail, head of retirement policy at Hargreaves Lansdown, says: “For any investor planning to buy an annuity in the near future, it may make sense to do so sooner rather than later. ...
Brexit: Five changes to your finances image
Source : BBC [Read Article] Monday 27th of June 2016 01:59:54 PM
....The pound hit a 31-year low against the dollar on Monday,. Many thousands of people who have saved for a retirement use these funds to buy an annuity - a regular income for the rest of their life. ...
Annuities take a hit as rates fall following Brexit image
Source : Guardian [Read Article] Monday 27th of June 2016 09:55:20 AM
....The first direct hit on pensions from Brexit came on Monday morning, as pension companies began to cut the amount they will pay people who are newly retiring. Just Retirement and Retirement Advantage have both announced cuts to their annuity rates, and experts said more were likely to follow. ...
Personal finances post Brexit: Keep calm and carry on until Britain settles down image
.... If the UK had stayed in the EU, it may have been on the hook for unfunded pension obligations in countries such as Greece, Italy, Spain and France. Andrew Tully, pensions technical director at Retirement Advantage, says retirees in income drawdown will see the value of their pot slide amid market uncertainty, while annuity rates could also dip. ...
What Brexit means for your pensions, mortgages and money  image
Source : Daily Express [Read Article] Friday 24th of June 2016 01:28:00 PM
....Markets are likely to recover in the longer term as the result is digested. However, savers approaching retirement and thinking about buying an annuity - a retirement product that provides a guaranteed payout for life have been urged to move sooner rather than later. ...
Pension savers told 'DON'T PANIC' amid market carnage but follow THESE key steps image
....". However, savers approaching retirement and thinking about buying an annuity - a retirement product that provides a guaranteed payout for life have been urged to move sooner rather than later. ...
Pensioner's slip filling in tax form rips a hole in his annuity payments image
Source : Daily Express [Read Article] Tuesday 14th of June 2016 06:14:00 PM
. Strange goings-on with private pension payments left an 80-year-old man with his monthly annuity income almost slashed in half. ...
Six million workers saving for first time: You’ve got to roll with company pensions image
.... Rampant pension mis-selling by dodgy advisers, Gordon Brown’s notorious 1997 tax raid, the collapse of final-salary schemes and volatile stock markets have shattered faith in UK pensions, once the envy of the world. Plunging annuity rates have only made matters worse, with a £100,000 pension pot now buying a 65-year-old barely £4,000 a year of index-linked income, while growing life expectancy means people need to save more than ever, or expect to work to age 70 and beyond. ...
Prices, property, pensions: 30 EU referendum questions answered image
Source : Guardian [Read Article] Friday 10th of June 2016 12:53:56 PM
....Pension expert Tom McPhail at Hargreaves Lansdown says there are likely to be gains and losses. Miserably low annuity rates could move up if interest rates were raised to defend sterling, but if the currency is plunging, the underlying value of people’s pension pots will decline. ...

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