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Best Annuity Rates 2014

Compare the open market to get the best annuity rates.

Updated with the latest from Budget changes.

There are sizeable differences between the best and worst performing annuities. By shopping around for the top annuity rates you can receive up to 35% more income in your retirement, according to the FSA.

Get started: Compare rates now using our annuity calculator (December 2014 updated).

Post-Budget Announcement: Annuity Rates December 2014 – Latest Outlook:

Annuities still an attractive option

The FSA estimate you could get up to 35% more income by shopping around for your annuity.


The Chancellor’s Budget announcement that the government would be scrapping the rules that forced retirees to purchase an annuity sent shockwaves across the insurance and financial services industries. Widely described as the biggest reform of pensions in a generation, the change means retirees will soon have more choices for how they draw income from their pensions.

Already, options such as income drawdown are available to retirees but such a product has usually been reserved for those with sizeable pension funds. When the new changes to legislation come into effect, it is expected that this product and new innovations will be made more accessible to retirees.

Whilst new products will bring fresh competition to the market, for many the strengths of annuities will continue to be attractive.

For many, the assurance of having a guaranteed income for life that many types of annuities provide will continue to be a big draw.

Furthermore, we can expect to see new, more flexible annuity products come to marker.

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Each year, people buying annuities throw away £1 billion in pension income by failing to shop around.

Whatever you do, shop around otherwise you could regret it for the rest of your life.



What now for insurers?

Insurers stock values have been hit hard by the uncertainty that the budget announcement has brought to the market. Leading insurer L&G predicts that the annuity market could shrink by u to 75 per cent.

But talk of the death of annuities is exaggerated. The security they offer will always be attractive to many retirees. Insurers are looking at ways to make annuities more flexible and competitive with investment options.

Retirees and savers must act now to protect retirement incomes

Retirees and savers should speak to an independent financial advisor immediately to be ensure that they are well prepared to get the maximum income in their retirement.

Further potential threats to retirement incomes, including the aforementioned quantitative easing policy of the UK government, mean it is extremely important that you talk to a financial advisor about you own unique situation and plans as soon as possible.

You can find a local, qualified advisor by completing the annuity calculator form at the above.

Is 2014 the time to buy?

Top annuity rates look as attractive as ever since 1994 so for many this may be a good time to buy. Of course, many other factors must be considered and speaking to an IFA first is highly advisable. However, with the new budget announcement many retirees will want to see what new options become available.

If you have enough money to delay taking pension benefits between now and the changes coming into effect, that is certainly an option. Alternatively, a short term fixed-annuity, for a period of, say, five years is another option. This would then give you time to reassess the available options further down the line at a time where one might expect that the post-compulsory annuity market will have matured more.

The most suitable option will always vary from person to person, dependent on their own unique personal and financial situation, hence the need to speak to a Financial Advisor.

Shop around for the best UK annuity rates in 2014

To get an idea of the best plans available to you, you can use our annuity calculator (N 2014 updated).

The Golden Rule: Exercising your Open Market Option

Did you know that 65% of Britons still buy their annuity plan from the provider that they first opened their pension plan with?  (Source: Reuters)

The single most important thing you must do when you are planning to buy an annuity income with your pension pot(s) is to compare the entire market for the best options – this is what is known as the Open Market Option (OMO).

There are sizeable differences between the rates offered by the various annuity providers – this is why it is so crucial to exercise the Open Market Option.

Unfortunately, many people are not aware that they can select from any annuity provider. The unfortunate truth is that this lack of awareness will have cost the vast majority of annuitants’ up to 35% of their potential retirement income.

Do not allow this to happen to you or the people you care for. Get the maximum retirement income by exercising the Open Market Option.

Getting independent financial advice

Remember; there isn’t a ‘one-size-fits-all’ best option. Financial planning is very individualized to your own unique circumstances, from your demographic factors to your tax and assets position. Only a qualified IFA can help you here.

Click here to find a local, qualified IFA through the Financial Advisor Network, a nationwide network of IFA firms.

Use the instant annuity calculator here to find out what you sort of income you can expect from your pension annuity and to access free, no-obligation independent financial advice.

By Geoff Alderton - Last Updated: 11th Dec, 2014

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