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Savers urged to get up-to-date pension fund value

Savers urged to get up-to-date pension fund value.

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.

London's top shares experienced their longest winning streak on record this month after 12 consecutive days of rises for the FTSE 100 index.

The previous longest winning streak was 11 days in July 2009.

The FTSE 100 ended its run of consecutive record highs at close of Friday 13th January at 7,337.8points. The run came to an end when it finished Monday 11 points lower, after shares in banks and oil companies slipped.

Why has the FTSE 100 risen?

The record breaking figures have been largely fuelled by the falling pound, on the perceived increased likelihood of a "hard Brexit” following comments over the weekend by Prime Minister Theresa May.

This has boosted the profits of the multinational companies listed on the FTSE 100, when their foreign earnings are converted into pounds.

What a higher FTSE index means for retirees

For those of us approaching retirement, the improving stock market could have a direct impact on our fund values.

Anyone intending to purchase a lifetime annuity may wish to consider requesting an up-to-date fund value from their existing pension provider, as invested funds are likely to be higher at this current time.

Retirees seeking a guaranteed income for life could find that an annuity might pay them a higher income than what they may have achieved prior to the FTSE 100 increases.

What is an annuity?

An annuity is still the only way to guarantee a regular income for life, however many years you go on to live after retiring.

By locking in now, you can ensure that whatever happens in the volatile markets after your purchase, your retirement income will be unaffected.

Of course, you may want an income or a lump sum from your fund, but not wish to commit to a rate for life right now. If this sounds like you, then a fixed term annuity may be able to provide what you are looking for.

You will still be able to receive an income from your fixed term annuity, or withdraw a tax-free lump sum from your fund, but as the name suggests, the annuity will come to an end after the period of time that you select at the outset. Anything up to 25 years is possible.

After this term has ended, you will receive your Guaranteed Maturity Amount and can decide what to do with the money, having taken no investment risk in the meantime.

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What does the future hold for rates?

Despite the recent increases to the stock market, with a ‘hard Brexit’ predicted, and the new Trump presidency following his inauguration on 20th January 2017, the market is expected to experience high levels of volatility over the coming year.

As a result, we may potentially see a further increase in the number of fixed term annuities sold, as retirees opt to keep their options open for the time-being.

Speak to a specialist

If you are planning to retire in the next six months, then make sure you speak to our specialists about your annuity options before making a decision.

We could significantly increase the income you are able to achieve for life by searching the market on your behalf for a more competitive rate.

Speak to the Retirement Line team today on 0800 652 1352 (or local rate mobile number 01733 307 240).

Retirement Line work on a non-advised basis, providing factual information to enable you to make your own informed decision.

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