The yield on UK gilts has fallen to a new record low during trading today, as demand for safe havens picks up once again following indecision from the Fed over expanding its stimulus programme.
Europe's major markets climbed on the first day of trading after Spain was granted a €100bn bailout for its banking sector.
Eight of the biggest annuity market players cut their rates in May, with Canada Life and Aviva both making a further cut on Thursday leaving retirees with stark options, analysis has found.
Yields on UK government debt were trading at an all-time low on Wednesday amid fresh panic in Europe, which sent equity markets reeling.
The Pensions Regulator (TPR) has moved to relax rules governing some UK pension schemes as low gilt yields are leaving hundreds underfunded.
John Walbaum puts forward a different approach to helping retirees attain a decent income.
The government's use of quantitative easing (QE) has given pension funds a boost, Bank of England (BoE) economist David Miles has claimed.
The Bank of England's decision today to pump an extra £50bn into the UK economy is likely to drive annuity rates down further, insurers have warned.
National Savings and Investments (NS&I) will reduce the interest rate on its direct saver accounts by 0.25% from today.