February 2012 Archive
What about an annuity clearing house
The UK Government is facing fresh demands to bring about an industry-wide annuity clearing house as part of radical new proposals to make shopping around using the open market option at retirement compulsory. The Association of British Insurers (ABI) is currently working through various details of a new so-called shopping around code of conduct for insurance companies designed to [...]
Pressure on pension annuity rates
With the ongoing downward pressure on pension annuity rates, MGM Advantage reveals that an extra £86bn is needed for a comfortable retirement. It claims that if people shop around utilising their open market option effectively they can increase their vital retirement income by up to 50%. The average retired individual feels they need an extra £140 each week, or about £7,300 [...]
What exactly are pension annuities
Pension annuities are basically products by which you can protect your lifestyle after you’ve retired, no matter how long you might live. Pension annuities converts a lump sum of money, which is usually a hard saved retirement fund or pension lump sum, into an ongoing regular secure retirement income that will be paid for the rest [...]
Drawdown instead of a pension annuity
Income drawdown is a much vaunted and popular alternative to buying a pension annuity. It allows you to draw a regular and variable income from your pension fund while the pension fund remains invested. There are actually two versions of this – one is capped drawdown and the other is flexible drawdown. If you select capped drawdown [...]
Annuity rates and gender discrimination
With less than twelve months before the ECJ rules on gender discrimination and annuity rates come into being, there is still some confusion as to how insurance companies should respond, according to various specialists. Insurance industry dispute resolution lawyers Clyde & Co believe there is a risk that various insurance contracts could unravel if insurance [...]
Adviser charging for annuities
Pension industry figures have raised various concerns over HMRC’s stance on adviser charging on annuities. Problems with how annuities advisers will collect their fee from an annuity purchase after the retail distribution review (RDR) comes into place have appeared because of the overall tax treatment of pensions. This difference of opinion has created a round of representations from IFAs [...]
MP wants NEST style annuity provider
MP wants to see a NEST-style annuity provider. David Mowat has demanded that the government creates a national low-cost annuity provider to help protect retirees from poor retirement incomes. He presented a list of five proposals to attempt to reform the annuity market during a recent Commons debate. Mowatt said that pensioners are currently unable to understand all the different types of pension annuities [...]
Pension annuities sector growing
Those approaching retirement, potentially looking at annuities for their retirement income, is the fastest-growing sector of our population. The sector has tremendous influence on our society as a whole. However, we could do with understanding more about its diversity, and its various hopes and fears for retirement. To understand this sector better MGM Advantage commissioned some research which illustrates how they live their [...]
Just Retirement’s fixed term annuity
If you want greater control and flexibility from an annuity you could consider Just Retirement’s recently launched fixed term annuity contract. It is designed to do just that; give you more flexibility and greater control in your retirement. It is available through advisers, and the contract is a type of drawdown arrangement that provides you with a guaranteed income (within [...]
We can get you the best annuity rates
Look no further. We can get you the best annuity rates. Annuity rates are based on numerous factors, and it’s important you get the best annuity rates for your individual circumstances. If you have various medical conditions or lifestyle conditions you could be eligible for up to 40% more annuity income. If you’re considered to [...]