UK Money News
23rd May 2008
Rates on annuities rose last year
Holders of annuities are one of the few groups with reason to smile in the current economic climate, new research has revealed.
According to a study conducted by Moneyfacts, last year average annual annuity rates rose by six per cent.
This brought them to their highest level for five years.
However, despite the relative robustness of annuities, Suzanne Greener, deputy editor of Investment Life & Pensions Moneyfacts, cautioned against adopting a lax approach to selecting the correct product.
She said: "Although rates are at their highest level for some time, continued uncertainty in the economic environment means that there is no guarantee that rates will remain at this level.
"Equally, it's essential that pensioner's either take time to find the best annuity deal for themselves to suit their individual circumstances or take advantage of an adviser's expertise."
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