With Brexit continuing to cause uncertainty, thousands of people approaching retirement were dealt a fresh blow this week with news annuity rates have hit a 25-year low. The latest data from Moneyfacts shows the average annual annuity income is now 1.2 per cent lower than its previous all-time low recorded in September 2016, following the EU referendum. This means a 65-year-old with a pension pot of £50,000 buying an annuity today would receive an average pay out of £2,237 a year compared to £2,557 had they bought the annuity on 1 January.
Annuity rates have been declining for months because […]
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