Returns available to pension savers on Guaranteed Income for Life solutions are setting new highs through early 2025, according to figures in the attached press release from retirement specialist Just Group.
The gains are particularly marked for older buyers – a healthy person investing £50,000 of pension cash in the top-paying single-life annuity would receive annual income of £3,834 (a rate of just over 7.6%) at age 65, £4,331 (8.7%) at age 70, and £4,993 (10%) at age 75. The rates include a five-year period during which the income will be paid in the event of premature death, which can be extended and could be higher still once lifestyle factors and health history have been taken into account.
Stephen Lowe, group communications director at the retirement specialist Just Group, commented: “With guaranteed income rates at multi-year highs, it is worth retirees considering how an annuity could strengthen their overall financial planning. We know many older retirees are taking notice because if they can lock in the income they need, they are insulated against investment volatility in global financial markets.
“The rate offered is likely to vary quite significantly from the standard rates published, depending on your health history and lifestyle factors, the options you choose such as inflation-protection or continuing income to a spouse or partner. Providers change annuity rates frequently and it is unlikely your own pension company will offer the best rate. It’s worth shopping around because finding the best deal can deliver thousands of pounds extra over the course of a long retirement.”
Please see the attached press release for full details and get in touch if you have any questions.
