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Annuities Shrink and Market Woe Hits Funds
25/08/2011
Following the fall in income insurers receive from gilts (secure Government bonds) annuity rates have been cut by UK top insurers. It has been further announced by an annuity specialist which advisers the Better Retirement Group in Bloomsbury, Billy Burrows, that rates are expected to continue to drop as the extent to which 15-year gilts has fallen (from 4% to 3.5%) is not fully reflected in the annuity rate reduction yet. If a full 5% reduction is announced, as expected, then a retiree with a £100,000 fund can expect a return of £300 less income per year.
Homeowners aged over 55 years who are concerned about tumbling annuity rates and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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