A lack of understanding of pensions annuities can lead to uninformed choices that cost thousands, according to Aviva. Retirees need quality financial advice to ensure they buy the annuity that is right for them.
Posts Tagged ‘Pension Annuity’
Uninformed consumers lose thousands on pensions annuities
Thursday, February 11th, 2010Rising bills, dwindling pensions leave many on £40 per week
Thursday, February 11th, 2010Twenty per cent of pensioners will soon be living on a monthly income of less than £750 a month from their pensions. At the same time, monthly bills for housing, gas and electricity, travel and clothing will average £490, leaving just £40 per week for food and other living expenses.
Pensions plummet 70% since 2000
Wednesday, February 10th, 2010A pensions saver who contributed £100 per month to their pension pot over 20 years would have achieved a retirement income of £9,000 per year, if they had retired in 2000. The same pensioner retiring on 20 years’ savings today would have an annual income of just £2,500, a drop of 70% over the decade.
Income drawdown an eye-catching option, as pension age rises
Tuesday, January 19th, 2010
Planned increases in the state pension age are likely to lead many to use income drawdown in their retirement planning, as they seek out ways to tap into their personal pension before they reach state pension age.
Pensions and pension annuities: information still flawed, says ABI
Monday, December 14th, 2009Providers of pensions and annuities need to improve the quality, clarity and timeliness of the information they provide to consumers who are about to retire, according to The Association of British Insurers (ABI) in a statement.
The ABI has urged pensions providers to make greater efforts to remind savers of their right to ‘shop around’ when purchasing their pensions annuity, and assist them to maximise their retirement income.
How much will you get from your pension annuity? Insurers now check where you live
Monday, December 14th, 2009
Your annuity income in retirement may now be decided by where you live. Four of the nation’s largest insurers are using locational information to predict the probable longevity of customers seeking a pension annuity.
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