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Another endorsement for annuities from the financial media

Another endorsement for annuities from the financial media

David Prosser of MoneyWeek has issued a strong warning to consumers about the decision they need to make at decumulation. He states that most pension savers ‘would very often be better off with the safety net of an annuity’.

David’s MoneyWeek article carries the message that drawdown works for many people, including those with a large pension fund who accept the risk of continuing to invest. But he continues: “However, that does not describe the majority of pension savers. They would very often be better off with the safety net of an annuity. Indeed, even wealthy savers often choose to use part of their pension pot to buy an annuity, providing a baseline level of guaranteed income, and then invest the rest.” 

He also points to the fact that annuity rates are on the up, which is good news for those of your clients who are seeking a guaranteed income in retirement: “The benchmark annuity rate has actually risen more than 20% over the past two years, amid expectations of higher interest rates.”

David also refers to the fact that enhanced annuities can deliver even higher income levels. He is especially clear that retirees should not automatically default into an annuity offered by their pension provider, advising readers: “Never to take the income you are offered by your current pension-plan provider without checking first whether you can do better elsewhere. You have an absolute right to buy your annuity from another provider, and doing so will very often mean securing a higher rate of income.” 

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