Selling your annuity as we move towards a second-hand annuity market

Category: annuity & retirement & Uncategorized

An annuity is a regular monthly income source that savers, largely from private sector companies, receive at retirement in exchange for their lifetime pension savings. Now George Osborne has said that around five million pensioners, who have used their retirement savings to buy an annuity, will be allowed to sell it for a cash sum after March 2016 and consultation has begun on how a second-hand annuity market might operate and be regulated.

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Women expect to retire on £4,800 a year less than men

Category: pensions & retirement & Uncategorized

Women retiring in 2015 expect a retirement income 25% lower than men, according to the Prudential’s annual ‘Class of’ research. However, the research also reports that the retirement income gender gap is at its lowest since 2009, when Prudential first started tracking the difference between male and female retirement income expectations as part of its ‘Class of’ research. Women appear to be increasingly optimistic about their finances in retirement.

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More changes for pensions? The Pensions Minister hopes so.

Category: retirement & Uncategorized

Ahead of the forthcoming pension freedom reforms in April, Pensions Minister, Steve Webb, has called for even further changes to the UK pension industry, to make life easier for retirees. Speaking at The Resolution Foundation in London, Mr Webb advocated for the creation of a dedicated Government Pension Department, amid a raft of further suggested reforms based on his experiences to date.

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