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 Annuity’
Pension annuities review is a mixed blessing for pension savers
Tuesday, January 4th, 2011Delays in arranging pension income cost pensioners dearly
Friday, August 13th, 2010
Companies dragging their heels in setting up annuities lose one or several weeks’ pension income for pensioners. Just a week’s delay can cost over £100 – the worst offenders can cost you over £1,000.
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
Uninformed consumers lose thousands on pensions annuities
Thursday, February 11th, 2010
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.
Rising 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.
New options for healthcare funding in retirement with immediate needs annuity
Monday, November 30th, 2009Customers who buy an ‘immediate needs annuity’ to fund their nursing home fees can now benefit from money-back guarantees for their family, if they die during the early period of the annuity. An ‘Immediate needs annuity’ is designed to provide the costs of paid-for nursing home care for life, for those already suffering from physical or mental disability, [...]
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