Current record annuity rate levels have pulled the break-even point for holders closer by five years, latest statistics show.
Canada Life yesterday (26 June) published figures which reconfirm the significant improvement in rates over the last 18 months. These improvements mean the payback period on a £100,000 benchmarked annuity is currently 14.5 years, for a 65-year-old which generates an income of £6,907 a year. An annuity holder aged 65 with no pre-existing health or lifestyle conditions is currently paying around 6.9%, Canada Life found. Retirement income director Nick Flynn said the figures showed annuities "are firmly back in fashion". Source: Canada Life "Annuity rates are curren...
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