The Moneyfacts Treasury Report suggests rates are going to suffer a record drop
(PRWEB UK) 9 November 2012
A new report published has revealed a potential further drop in annuity rates. The Moneyfacts Treasury Report suggests rates are going to suffer a record drop, the biggest since 2002.
Since the start of 2012, rates have fallen 8.6% for 65 year-old men and the third quarter showed annuity rates dropping by 4.1% for men, and falling 4.8% for women.
The report is another heavy blow to anyone thinking of retiring shortly, however, it is a welcome relief for those who locked into to an annuity rate at the beginning of the year.
As annuity rates continue to fall, retirees will be lucky to see a glimmer of hope any time soon and may need to consider alternative options for retirement.
My Pension Expert is a company of Diploma Qualified Independent Financial Advisors who specialise in the at retirement market.