The purchase of pension annuities is no longer compulsory, leaving retirees free to retain ownership of their own pension savings. However, this may be a mixed blessing: tax may rise on pension savings left to the next generation – from the current 35% to 55%.
Posts Tagged ‘Pension Annuities’
Pension annuities review is a mixed blessing for pension savers
Tuesday, January 4th, 2011Shifting patterns for taking pension income as income drawdown gathers strength
Monday, September 13th, 2010
With annuity rates at a 15-year low, demand for flexible pension income from a stock market investment via income drawdown has doubled.
Pensioners lose out by not seeking unbiased financial advice on pensions annuities
Monday, July 26th, 2010Pensions savers may be losing out on 20-30% of potential pension income, by buying their pensions annuity without taking unbiased financial advice. Many pensions companies fail to clearly explain to savers their right to shop around – the so-called ‘open market option’.
More flexible pension planning and less tax on wealth transfers
Monday, July 19th, 2010The Government is cutting tax on wealth transfers to heirs from 82% to 55% from April 2011. The move offers greater freedom for pension planning, particularly to those with larger pension pots Read More
Unbiased financial advice can add thousands to your pension income
Friday, July 2nd, 2010
From April to June 2010, the difference between the best and worst enhanced annuities would have cut 16.78% off your pensions income. Unbiased financial advice and ‘shopping around’ are essential to obtain the best pension income. Read More
Pension income – Annuity payouts hit new low
Wednesday, June 9th, 2010As pensions annuity rates dip under 6%, pension income for new retirees is worsening. In 2009, 63% of retirees didn’t bother to shop around, opting to buy their pensions annuity from the first company that offered – their existing pensions provider. Using your ‘Open Market Option’ to compare pensions annuities can stack £100s on to your pension income.
Pensions annuity still most popular route to pension income
Friday, June 4th, 2010Most people are still likely to opt for an annuity for pension income, even if the government removes the requirement to do so, experts have said in a new poll.
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