Pension Annuity Rates
Find pension annuity rates : If you have any form of personal or money purchase pension you will need to buy an annuity by the time you are age 75. An annuity is an income paid to you for life by an insurance company in return for your pension pot. Once you have bought an annuity, you cannot usually change your mind and switch to a different one at a later stage. Nor can you get your money back if you die the day after buying one because annuities work by a system of cross subsidy - those who die early subsidise those who live to long into old age. The beauty of annuities is that they pay an income for life - no matter how long you live. Annuity rates are currently historically low. A £100,000 pension fund today will provide roughly 60 percent of what you could have received a decade ago for the same fund, because conventional annuity rates are tied to bond yields which have collapsed from 12.4 percent in 1990 to around five percent in 2000.| Pensions |
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