Because annuity rates have surged by a whopping 44% this year, is now the time to buy your guaranteed income?


Are you worried about financial markets? Is it time to secure your retirement with a guaranteed income?

Whilst it seems that the whole pension market is all doom and gloom, there seems to be one product that is coming back into the limelight. Annuities!

Is your pension fund falling in value and eating away at your pension savings?

In the past, annuities fell out of favour because they were deemed to be poor value with individuals opting for ‘income drawdown’ and ‘flexibility’ as a viable alternative. But now, because of recent market turmoil and rising interest rates (certain) annuity rates are up by a whopping 44% over the last year. This is the highest rate since 2009! And its creating a lot of interest. You don’t have to use all of your fund to buy an income, you can cover your fixed expenditure and keep the flexibility of your ‘income drawdown’ fund with the cash that’s left over. It’s like having your cake and eating it?

Unsurprisingly, the current rates are creating a lot of interest in this product, so now might be a good time to consider securing a guaranteed income for life whilst retaining some flexibility from your ‘drawdown pot’.

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So what is an annuity?

An annuity is a product which takes your pension savings and converts it into a guaranteed income for life, or for a fixed term. Typically annuities can include various features such:

  • Inflation linked – The income will increase every year in line with inflation
  • Guarantee periods – The income will be paid for a minimum period of time
  • Dependent’s pension – A set percentage will continue to be paid to your spouse/ civil partner after you have passed away, for the rest of their lives
  • A fixed term annuity – you determine the period that you need the guaranteed income for
Most people worry that buying an annuity means that if they die early the product provider will benefit more than their nearest and dearest. This is no longer the case. You can make sure that your income continues after your death by using an extended guarantee period.

Remember, if you have existing workplace pensions you normally have the option to purchase an annuity directly with them. However it is important to remember to shop around to make sure you get the best rate possible and an income that suits your personal situation.

The advantages of shopping around are clear, you get more income from the same ‘pot’ of money, yet only around 50% of people do shop around. This is lower than for almost any other financial product (source: pension policy institute).

We can help by searching the whole of the market to find the best guaranteed rates available!


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