40% increase in UK annuity sales due to interest rates, potentially affected by inflation.
Annuity sales in the UK surged nearly 40% in one year, driven by rising interest rates, allowing a 65-year-old with a £100,000 pension to secure about £7,146 annually. However, experts warn that inflation could impact these fixed payments. Financial advisors emphasize the importance of reviewing pension contributions, planning withdrawals carefully, and considering eco-friendly investment options, while noting that 25% of pension income is tax-free. Consulting a financial expert is recommended for effective pension management.
September 26, 2024
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