Decline in annuity slows

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Decline in annuity slows

LONDON, UK - According to the financial monitoring firm Moneyfacts, the decline of annuity rates has slowed.

Annuity rates have regained ground lost in the first half of 2003, but Suzanne Greener of Moneyfacts told Citywire “this cannot necessarily be regarded as a sustainable trend at this stage”.

Those nearing retirement age will breathe a sigh of relief, but Ms Greener still advises consumers to shop around for the best deal.

“It remains essential that annuitants and their advisers shop around for the best rate available utilising enhanced and impaired life rates, if appropriate, in order to maximise pension income,” she warns.

Average rates for a male aged 60 buying a standard “level without guarantee” annuity with a purchase price of £10,000 have dropped just £10 or 1.61 per cent to £611, and £4 or 0.69% to £574 for females between December 2002 and December 2003.

The improvements were the first upturn in rates since December 2000 and were, according to Ms Greener, due to increasing gilt values.

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