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Payment Protection Reclaim: Annuity rates hit all-time low

Annuity rates have hit an all time low following a spate of reductions over the summer, according to new research.

Financial website has revealed that the average rate for a male aged 65 purchasing a 'level without guarantee' annuity worth £10,000 has decreased by 6.3 per cent since last August.

Furthermore, the same package for women has been reduced by 5.6 per cent over the past 12 months.

Richard Eagling, editor of Investment Life and Pensions at Moneyfacts, claimed the future looks bleak for those approaching retirement.

He said: "In a few months time the first baby boomers will hit retirement. Often perceived as the lucky generation, they are likely to face a rude awakening when they come to secure their retirement income via an annuity.

"With gilt yields still low and life expectancy increasing we can expect annuity rates to fall further still."

The average male annuity rate has dropped by 45.5 per cent over the last 15 years, while female rates haven fallen by 41.8 per cent.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-800046314-ADNFCR

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