Steven Cameron, Pensions Director at Aegon comments on figures from Moneyfacts showing the current annuity rate is the lowest since at least 1994 (when its records started). “For those approaching retirement, news that annuity rates have hit a 25 year low mean the cost of securing a guaranteed income for life are at an all-time high. Annuity rates have fallen in recent years because of gilt yields also being at an all-time low, coupled with life expectancy continuing to rise. The perceived poor value of annuities was one of the drivers behind the pension freedoms, introduced by George […]
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