Tag: annuity

Gender directive could slash men’s annuity payouts

Gender directive could slash men’s annuity payouts

The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than […]

December 21, 2012 More
Annuity rates plummet due to money-printing

Annuity rates plummet due to money-printing

Annuity rates have fallen by 7 per cent in just three months according to MGM Advantage, the retirement income specialist. This means that a 65 year old man with pension savings of £50,000 would receive a retirement income of £2,579 a year from the annuity they purchased with their pension pot, compared with £2,778 in […]

October 11, 2012 More
Pension annuities should be clearer under new code

Pension annuities should be clearer under new code

A new code of conduct is being launched by the Association of British Insurers (ABI) which should ensure that the sale of annuities is fairer and more transparent. The new code is designed to make it easier for people to make decisions about their retirement income, including being more confident in using the so-called ‘open […]

March 5, 2012 More
Private sector pensions hit £222 billion deficit

Private sector pensions hit £222 billion deficit

Private sector final-salary pension deficits have increased collectively by £63.5 billion, from £158.6 billion at the end of October to £222.1 billion at the end of November. The figures, published by the Pension Protection Fund (PPF), reflect the increasing cost of paying for pensions which outstripped a 0.7 per cent month-on-month increase in the value […]

December 13, 2011 More
IFA calls for earlier annuity planning

IFA calls for earlier annuity planning

Putting off selecting an annuity can reduce the return on pensions savings according to Chatfield Private Client, a firm of Independent Financial Advisors. The firm is calling for people to take annuities into account at an early stage of the process of taking out a pension. Director at the firm Jason Ashman said: “What we […]

December 12, 2011 More