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Recent Annuity Purchaser News:
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‘About 5,000 people a week are turning their pension fund into a lifetime income through the purchase of an annuity and most are ending up with an income they cannot live on. It’s a grave problem,’ said Altmann.
Annuity rates for those retiring with money purchase pensions are hitting an all-time low, as the the gap to those on lucrative final salary schemes grows even wider. A report yesterday showed how Britain’s ‘pensions apartheid’ is growing ever wider.
One possible solution that’s gaining more interest is purchasing an immediate annuity, in which we give up a lump sum of money to an insurance company in exchange for a guaranteed monthly income for as long as we live. It’s like buying your own pension.
Similarly, it suggests non-registered investments and business assets could be liquidated, with the proceeds used to purchase annuities that provide a lifetime income. It says the picture improves even more when comparisons are made after-tax.
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