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News Tag: annuity

December 21, 2012

Gender directive could slash men’s annuity payouts

by Jan Harris
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 women because their life expectancy is ...




October 11, 2012

Annuity rates plummet due to money-printing

by Jan Harris
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 July. Annuity rates are now more than ...




March 5, 2012

Pension annuities should be clearer under new code

by Jan Harris
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 market option’ and shop around ...




December 13, 2011

Private sector pensions hit £222 billion deficit

by Jan Harris
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 of pension fund assets. The cost ...




December 12, 2011

IFA calls for earlier annuity planning

by Jan Harris
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 are finding is that a ...