Pensions - Articles - Canada Life increases annuity rates for 16th time this year


Canada Life has announced a further improvement to annuity rates, with the latest change the 16th time this year rates have improved.

 A benchmark reference annuity of £100,000 at age 65 will now pay around £6,353 income a year, compared to £4,542 for the same annuity purchased at the start of 2022. That is an improvement in guaranteed income of £1,811 a year, or an extra £36,220 over the course of a 20-year period.

 Nick Flynn, retirement income director, Canada Life commented: “Annuity rates have continued to bounce back following changes to base rate and the improvements in yields on gilts, with rates up around 40% this year. This sustained growth in potential income warrants giving annuities a second look, especially for anyone concerned about income security in retirement.

 “Annuities can play a key role in retirement plans and it will always play to shop around for not only the best rate but the right shape annuity. An adviser or broker will help choose the right annuity for the clients’ individual circumstances.”

 

Back to Index


Similar News to this Story

Working together to strengthen our defences against scams
Fraudsters who steal people’s pensions ruin lives. It’s as plain and simple as that. At The Pensions Regulator (TPR), our mission is to ensure savers’
Poll reveals majority support plans on surplus extraction
XPS poll reveals majority support for government’s plans to enable surplus extraction amongst trustees, employers and pension managers
Government announcements strengthen case for endgame review
Latest results by LCP’s Pensions Explorer at 31st January 2025 show that the combined IAS19 pensions surplus for the UK pension schemes of FTSE100 com

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.