Below is a selection of the latest industry and annuity news items from Retirement Line.
Worrying new research from Legal & General reveals that up to 75% of over 55s wrongly assume medical conditions or their lifestyle will reduce their retirement income. In fact, the opposite is often true. When buying an annuity, it is likely that declaring medical or lifestyle issues will increase the return you get from your pension pot.
January 2019 will see the creation of a new place for UK consumers to receive guidance on pensions and money, including debt advice in England. The government is bringing together three organisations - the Money Advice Service, the Pensions Advisory Service and Pension Wise - to create a new Single Financial Guidance Body (SFGB).
Last month saw the introduction of a UK ban on cold calling in relation to PPI and personal injury claims. But a ban applying to the pensions industry is yet to materialise, despite the government committing to it more than a year ago.
Retirement Line is proud to have been invited to feature in the 2018/19 Parliamentary Review, alongside a handful of other leading companies across the UK’s financial services sector.
It’s estimated that up to seven million people in the UK have lost touch with some of their pension savings. What can you do to make sure you don’t miss out on all the pension you are entitled to?
The Financial Conduct Authority has announced proposals designed to ensure that retirees are better aware of the potential for an enhanced annuity. However, Retirement Line believes that consumers could still be in the dark about their full income potential.
A leading financial journalist has issued a warning to consumers deciding what to do with their pension pot. David Prosser’s striking message is that the majority of pension savers ‘would very often be better off with the safety net of an annuity’.
Retirement Line is delighted to announce a partnership with one of the country’s leading financial services companies. Under the partnership, Wesleyan will refer customers to Retirement Line if they are looking to buy an annuity.
Some consumers might not be fully informed about the extra income that an enhanced pension annuity could deliver. That’s the warning in an article from Your Money titled ‘Could you qualify for an enhanced annuity (and not know about it)?’ written by deputy editor Paloma Kubiak.
Sometimes the world of pensions can seem confusing and complex, so we always like to see someone make things simple. An article on the Which? website caught our eye as it does a brilliant job of explaining some of the factors that determine how annuity rates are calculated.
Customers tell us almost every day that the people at Retirement Line are performing to high standards of customer service. This month has been no exception, with 37 people leaving a review for us on Trustpilot, the world’s most popular review website
We asked our Annuity Specialists to cut through some of the complexity of annuities, challenging them to put together a mini-guide to two of the main types: lifetime and fixed term annuities. To make it harder for them (but easier for our readers) we asked them to do it in under 400 words. Here’s what they came up with…
The days of men retiring at 65 and women at 60 are long gone. Things are more complicated nowadays, with a timetable in place for rolling out changes to the age at which people become eligible for the UK State Pension.
The UK government has announced that it is planning to introduce a ban on pensions cold calling, including emails and text messages. The ban is part of wider work to tackle pension scams and protect vulnerable savers.
If you're looking for a tax-efficient way to take your retirement income, a cash-based fixed term annuity could enable you to withdraw your fund over a set period of time, potentially minimising your tax payments.
More than a million retirees have been potentially mis-sold annuities giving them far less income for life than they could have achieved elsewhere, a newspaper investigation has found.
Annuity specialist Retirement Line has revealed sales of fixed term annuities are up by 92% as retirees seek to ride out market volatility fueled by Brexit.
Tempted to shop around for your annuity alone? Find out what you could be missing…
The day you’ve been waiting for has finally arrived. You’ve packed up your belongings, said goodbye to your work colleagues and checked out of the office for good, but now what?
Retiring soon? We have some GREAT NEWS about rates!
You don’t have to be in terrible health to qualify for a higher income for life – Alan secured his enhanced annuity despite being a Channel swimmer!
A record breaking streak for the FTSE 100 means prospective retirees might benefit by requesting an up-to-date fund value for their pension pot to assist with decision making.
If you are due to retire soon then you may currently be negotiating the minefield of pension options in front of you – and the choice you potentially face between annuities and drawdown products.
Retirement Line has welcomed news that annuity providers will be required to inform customers how much they could gain by shopping around elsewhere, under plans announced by the Financial Conduct Authority (FCA).
Annuity providers have been ordered by the Financial Conduct Authority to inform retirees how much more income they could achieve by shopping around for a better deal elsewhere.
If you are planning to retire at the end of this year and will be relying on a regular guaranteed income from your pension fund in retirement, then you might want to get a move on!
Christmas has come early for customers of Retirement Line thanks to rising annuity rates across the industry PLUS a special annuity rate deal from one of the UK’s leading enhanced annuity providers.
The government has announced that it is abandoning its plan to create a market for secondary annuities because it could not guarantee customers would get good value for money and could be at risk due to a lack of competition.
Figures show that retirees are flocking to the safe haven of annuities despite the freedoms brought about by the pension reforms.
Pillow talk is set to become a lot more serious for couples after some worrying results from a recent survey by Aegon.
Latest figures show that people in the UK are retiring with more debts than ever before.
Retiring soon? Mike Worrall, a retired general manager, explains how getting a bigger income for life was ‘so straightforward’.
Looking to access your tax-free cash from 55? Or reduce the tax payable on taking your pension fund as a lump sum? Fixed term annuities are popular for so many reasons.
The Bank of England made its first cut to the base rate in seven years in August 2016, and more cuts could be on their way if latest predictions are correct.
Scientists are on the way to introducing the first drug to fight against the symptoms of dementia – a potential game changer for the 850,000 people living with it in Britain.
For those of us approaching retirement, now is an ideal time to get our bodies and wallets in shape with a greater focus on our ‘financial fitness’.
Those of us who are grandparents may understand the ongoing struggle to keep grandchildren entertained during visits – or more specifically, entertained without giving in to their demands to use their beloved electrical devices.
According to new figures released by Retirement Line, sales of fixed term annuities have surged by 67% in the last year. Here, we investigate how retirees are making the most of these innovative financial products.
The days of your demanding career are behind you - your time to relax and unwind has arrived. But who says retirement means you have to slow down to a stop?
Did you know? The inclusion of lesser known death benefits can protect your money and those closest to you.
Latest figures show 7 in 10 people who have accessed their pension following the 2015 pension reforms are missing out on a bigger income for life by not shopping around for their retirement income.
After years of working and earning a salary, once you have retired your pension pot is likely to become your main source of income
If you are approaching retirement then you may have already heard about the government’s pension guidance service, Pension Wise.
If you are approaching retirement, you might be wondering what actions you can take now to make your transition into the next part of your life as smooth and hassle-free as possible.
Worrying about loan and mortgage repayments on a limited income is hard enough, but for those of us approaching retirement, the stress can become all-consuming.
It’s been just one week since the shockwave of the Brexit result hit, but already the British stock market is showing strong resilience and the FTSE 100 index has increased by 14% since its lowest point of last Friday, 24th June, to its level in mid-afternoon one week later.
For many, the major perk of reaching 55 is being entitled to access the money in your pension fund if you want or need to.
If given the chance, what retirement pitfalls do people wish they had avoided in hindsight? Those of us still planning our retirement are being offered lessons from those with the benefit of recent experience.
Thinking about accessing the 25% tax-free portion of your pension fund? A new report has revealed why today’s retirees are raiding their tax-free cash. Read more here:
For those approaching retirement, the main draw of an annuity is that it provides a guaranteed income for life, regardless of how long you go on to live. In return for your pension fund, you can enjoy the certainty of never outliving your resources; you will go on to receive your guaranteed income whether you live to 90, 100 or more.
Savers are being encouraged to track down their pension information before making any commitments to their retirement income.
Peterborough based company Retirement Line are seeking out charities and community groups in need of support to assist older people in and around the local area.
Deciding how to receive the money you have saved into your pension funds over your career is one of the most important financial decisions you will have to make.
Retirement Line has seen its number of annuity enquiries double since April last year when the pension freedoms came into force, and have been undergoing controlled expansion of its team to keep up with the increased business.
We understand that for many people approaching retirement, the prospect of arranging your retirement income can seem daunting, not least because of all the complicated jargon and phrases that have become commonplace today.
New analysis and research by Legal and General shows that money supplied for house purchases by family members now amounts to £5billion annually.
Older pensioners could be left almost £10,000 worse off after 20 years in retirement, thanks to a little known state pension divide.
Peterborough based Retirement Line has sponsored a rugby coach to run the London Marathon, ten years after he was told he might not walk again.
Latest figures show almost a third more savers are flocking to the ‘safe haven’ of annuities, opting for the certainty of a guaranteed income over riskier drawdown products.
It was widely forecasted that the introduction of greater flexibility for pensions in April 2015 would result in a spending spree on luxury cars.
Millions of private sector workers in their 50s are having to postpone their retirement by eight years as a result of insufficient pension savings and high levels of debt, according to a report from Aviva.
The subject of ‘Brexit’ – or Britain’s exit from the European Union – is being widely and passionately debated ahead of the referendum this summer.
With winter well and truly behind us, now is the ideal time to get outside and start improving our gardens in anticipation of the warmer months ahead.
One year on from the introduction of the chancellor’s pension freedoms, industry figures published have revealed annuities are enjoying a major revival in popularity.
Around 1,665,000 of the UK’s over-60s working population are unaware of the value of their pension fund, new research conducted by wealth management firm Sanlam has revealed.
As more people access their savings flexibly since the reforms in April 2015, Retirement Line is working to raise awareness of scammers who could be seeking to cheat you out of your pension savings.
ABI data shows more annuities were sold than drawdown in the last quarter, with the total value of those sales now ‘nearly on a par’ with drawdown since the reforms came into effect.
When you hit retirement age there is so much to do and decide, not least of all, how you will receive your retirement income and who from.
New figures from the retirement income specialist Retirement Line have revealed 86 per cent of their annuity enquiries are from people who qualify for enhanced terms giving a higher income for life.
When it comes to deciding on your pension options and who will provide your retirement income, you need to be absolutely confident in the company you get your information from.
Last week’s budget contained some important news for savers, particularly with the introduction of an exciting new ISA coming into place next year, which could see many more people encouraged to start saving, or save more, for their retirement.
Would you benefit from a cash injection in retirement? There are so many ways we can boost our finances, from saving on monthly bills to generating a cash lump sum or regular income.
Figures released by Retirement Line show the average tax-free lump sum amount that retirees are drawing from their pension pots is in excess of £17,250.
If you retire after the big reforms to the State Pension next month, chances are you will be worse off than under the current system
The Pension and Lifetime Savings Association has published the first market-wide survey of who did what in the first six months of pension freedoms, revealing there is ‘no more normal’ when it comes to retirement income planning.
The official start of Spring is March 20th this year – so now could be the perfect time to take stock of your finances, especially with the new tax year starting on April 6th.
There’s great news for those of us in or approaching retirement – research shows it is good for our health to retire!
As we approach retirement it is important to keep our properties updated and consider if any issues are in need of attention.
The Association of British Insurers (ABI) has released figures showing almost three quarters of customers choose a non-advised service when purchasing their pension annuity. The data revealed that:
According to HSBC’s latest report, sixty-five per cent of pre-retirees surveyed would like to retire within the next five years if they could, yet financial pressures are so great that 18 per cent of these predict that they will never be able to retire fully.
Savers are gradually reverting back to the ‘safe haven’ of annuities according to eValue’s latest quarterly Pensions Freedom index*.
2015 was a poor year for annuity rates, as low gilt yields and industry reforms took their toll on the market.
With the hype around auto enrolment in the UK, it seems that more and more Britons are now realising how crucial it is to not only have enough money in their pension pot for their post-working life, but also know how to enjoy that retirement when it comes.
Whether you have only recently retired and are itching to pack the sun lotion and towel for the first holiday of your post-work life, or you have already been travelling as a retiree for years, now is probably the time of year when you are plotting your trips for the coming 12 months.
With one international OECD study several years ago indicating that Britons have the shortest retirement of any major European Union country, you may be curious about when exactly many of your fellow Europeans retire.
In a world that is seemingly changing faster than ever, it shouldn't be a great surprise that the very nature of, and attitudes to retirement have also changed considerably over the last decade.
When the time comes to start thinking about your retirement - which should happen at least a few years beforehand - you will naturally want to ensure that you make all of the right decisions, so that you are as financially and emotionally prepared as possible.
The sales season of the holiday market is in full swing as hopeful holidaymakers rush to book some sunshine and the promise of a well earnt break. Despite a general trend towards later bookings and last minute deals, January is still the busiest month for the travel industry according to the Telegraph.
The thought of shopping around for the best retirement income may terrify you, but with the expert help of Retirement Line you can avoid the trick and treat yourself with the extra income we can secure for you.
With your best interests in mind, following the recent pension reforms, we would make you aware of criminal activity by scammers to cheat people out of their pension savings.
Many of us know what we want from our place of retirement - a beautiful view to wake up to, a pleasant climate, friendly neighbours, a low crime rate, easy access to healthcare and so on.
Once you've retired, it's time to start thinking about what it is that you really want to do. If travel is on the top of that list, why not start a list of all of the places in the world that you have always dreamt of seeing in person?
The key to having a healthy retirement, and enjoying yourself in the process, is keeping yourself busy. Research carried out by Skipton Building Society shows that one in five of us are worried that they won’t be fit enough to tick the items off their bucket list when they retire, whilst 43 per cent of people imagine their retirement years will be some of the most exciting of their life.
The Chancellor has delighted many people in giving greater flexibility in when and how to take their pension savings, even allowing all of it to be taken in cash. Tempting as it is to take the money, beware the sting in the tail
Limited time only* - enjoy the best of both worlds with the LV= Special Edition One Year Fixed Term Plan
The FCA (Financial Conduct Authority) has instructed companies like ours to inform our clients that delaying making a decision may affect the annuity rate they are offered.
The average annuity rate secured by Annuity Line this year stands at an impressive 6% pa*.
LV= has launched an exciting new one year annuity to enable people to access their tax-free cash and receive an income - without having to make a commitment to a lifelong annuity.
In the recent budget, Chancellor George Osborne promised to deliver greater flexibility and choice in how people take their retirement incomes