Latest research reveals further falls in annuity rates

According to recent findings from research conducted by MGM Advantage, conventional rates have fallen by 6.98% since June 2009, while enhanced rates have fallen by 5.32% in the same period.
To put this into context, over the course of a normal retirement, men and women with a pension pot of £50,000, could be £11,171.72 and £9,969.00 worse off respectively if they chose an enhanced annuity from the bottom quartile as opposed to one from the top.
Craig Fazzini-Jones, Director at MGM Advantage comments, “Our findings show the importance of shopping around for the best possible deal when buying an annuity, but sadly only around one in three people are moving providers for the best income. For the average person buying an annuity, they could be thousands of pounds worse off during their retirement if they don’t shop around for the best deal.”
“The results also show the significant increase in income that an enhanced annuity can provide but not enough people are declaring the health conditions that could allow them to qualify for up to 20% more income each year,” said Craig.
Get a free annuity quote, simply by calling, writing or using the online enquiry service. We’ll introduce you, in various ways, including through the website and by phone, to Independent Financial Advisers (IFA), making finding the right annuity for you easier than ever.
See the full report: MGM ADVANTAGE ANNUITY INDEX REVEALS FURTHER FALLS IN ANNUITY RATES.