📈 Pension annuities have hit their highest rates in more than a decade, data shows, as the increase in the base rate is set to send them even higher
, which pay retirees a regular income for the duration of their lives, have risen 35 per cent over the past year, data from Hargreaves Lansdown shows.of £6,637 per year, where last September they would have only received around £4,900, according to the asset manager’s figures.
The last time rates were so high was in March 2010, when a 65-year old male pension saver could get £6,678.today’s decision will mean that annuity rates will rise even furtherThe returns paid by annuities are tied to long-term government bond yields, which in turn are determined by a host of factors including the Bank of England’s interest rate.
“We could see these rates rise still further in the coming weeks,” said Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown Annuity rates had been in decline since the 2008 financial crisis and hit an all-time low in the aftermath of the Brexit vote. Though most pension savers would require a level of guaranteed income during their retirement, it is possible to annuitise part of your pension pot to provide a regular payment while investing the remainder in other ways.More from
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