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Annuity rates continue to increase

08 February 2011

According to Alexander Forbes Annuity Bureau, annuity rates have improved.

Figures show, an annuity for a man aged 60 with a £100,000 pension pot would purchase a pension of £6,170 per year from Aviva which is an increase of £20 compared to January's figure.

Gemma Goodman, head of operations at Alexander Forbes Annuity Bureau said:

"It is good to see annuity rates continuing to rise, even by a small amount. Annuity rates have been falling steadily in recent years as people live longer and inflation and the increased cost of living will clearly have a further negative impact on income in retirement. However, in spite of the pressures currently facing the industry, annuity rates between providers continue to differ widely."

Gemma Goodman also warned about the impact of new European Union equality legislation. See our news story of 1st February 2011 for further information on this.

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