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Annuity “time bomb” warning

Alexander Forbes Annuity Bureau has noted a fall in annuity rates across most pension providers, but also found that many have increased their rates on retail price-indexed products.

Director, David Marlow said: "Level annuity rates have continued to fall this month and there may still be further cuts ahead. While it is refreshing to see retail price index linked rates improve slightly, most retirees cannot afford to include guaranteed inflation-proofing. This is a time bomb in the retirement market due to longer retirement periods and the uncertainty over future inflation."