Doncaster, South Yorkshire (PRWEB UK) 7 February 2014
A 64-year old retiree with a £100,000 pension pot looking to buy a Standard Annuity would be £391 better off annually now, than they would have been had they purchased it last July. That means that they would receive an extra £7038 over an average 18-year retirement. The rise has been attributed to a number of factors such as the market calming after the introduction of gender neutral rates, increased competition among the open market providers, and the better returns available on underlying investments.
The research has emerged as a result of My Pension Expert launching its new Annuity Rates page which aims to become a resource for retirees looking for guidance in the often murky annuity market waters. Through the use of live annuity rate tabs it empowers individuals by giving them access to the information they need to enable them to gain the best possible deal for themselves. Therefore arming them with the knowledge they require to avoid sleep walking into inferior deals which they would be locked into for the rest of their lives.
All of the quotes shown on the page are taken from the open market and as My Pension Expert is an independent company the page has no bias towards any provider and therefore will only ever show the best possible deal available to the individual. Also through the various tabs on show, a retiree is able to educate themselves on how various lifestyle factors impact upon the quote they receive. All of the figures are regularly updated so it can track what is a very volatile market, as is represented by the individual graphs for each tab.
Scott Mullen from My Pension Expert said: “This increase in income available to retirees looking to purchase an annuity is great news. An extra £7038 would go a long way towards maintaining a comfortable standard of living while still having enough to provide for some luxuries. Through our new Annuity Rates page we hope to enable even more people to maximise their incomes at retirement by preventing them from missing out on potentially thousands of pounds of lost income.”
My Pension Expert is a company of Diploma Qualified Financial Advisors specialising in options at retirement.