Pension annuity rates hit rock bottom

Mon, 07 Dec 2009

According to recent pension news, workers approaching retirement will get the lowest pension scheme payouts ever. Those retiring will get just half of the income as if they had retired fifteen years ago.

Those workers who wish to retire are facing financial difficulties which no previous generation has faced. Some will work into their seventies, others will have to sell their family homes, and all will feel let down by a pension system that they trusted.

The fears affect those with defined contributions, or personal pension schemes . With annuity rates at rock bottom, and perhaps with further to fall, many may be locked into a poor paying pension annuity for the rest of their lives.
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