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HomeFinancial PlanningAnnuity charges climb to 7.25% for 65-year-old

Annuity charges climb to 7.25% for 65-year-old



Common annuity charges climbed to 7.25% for a 65-year-old in September, up from 7.11% in June, in accordance with the Customary Life Annuity Fee Tracker.

It means an additional £2,600-£2,900 may very well be added to the full anticipated lifetime revenue for a 65-year-old man and lady when in comparison with the second quarter.

The modest enhance implies that a 65-year-old trying to annuitise in latest weeks may anticipate to obtain an annual revenue of £7,248 based mostly on a £100,000 pension pot.

Pete Cowell, head of annuities at Customary Life, stated: “Whereas early indications for the ultimate quarter of the yr counsel that charges have fallen again somewhat, what’s essential to notice is that they proceed to stay nicely above the historic low ranges seen beforehand.”








 

Present charges and annual revenue (2023)

 

Common annuity fee (September)

Common annuity fee (June)

% Change in Charges over final 3 months

Annual revenue

Annual revenue distinction

60

6.53%

6.39%

2.16%

£6,525

£137.95

65

7.25%

7.11%

1.87%

£7,248

£132.85

70

8.18%

7.93%

3.07%

£8,178

£243.91

 

The Tracker, developed by Customary Life, a part of Phoenix Group, displays present common annuity charges throughout the marketplace for these annuitising at ages 60, 65, and 70. It additionally reveals the full lifetime revenue from an annuity and the extent to which annuity charges enhance with age.

Primarily based on charges on the finish of October 2023, the Tracker reveals a 25% distinction in annuity charges based mostly on somebody who chooses to annuitise at 60 versus 70. A person buying an annuity on the age of 60 may anticipate to obtain an annual revenue of £6,525, £7,248 at 65 and £8,178 at 70.

The Tracker discovered that the full anticipated lifetime revenue for the typical feminine who purchased an annuity at 65 had elevated from £158,660 in June 2023 to £161,623 in September 2023 – a distinction of greater than £2,900. The equal determine for a male was £142,296 to £144,953 – a distinction of greater than £2,500. Whole anticipated revenue is predicated on life expectations from ONS.













 

Whole anticipated revenue comparability for September and June – feminine*

 

Whole anticipated revenue  (September)

Whole anticipated revenue (June)

Whole anticipated revenue distinction 

60

£176,180

£172,455

£3,725

65

£161,623

£158,660

£2,9631

70

£145,576

£141,234

£4,342

Whole anticipated revenue comparability for September and June – male

 

Whole anticipated revenue (September)

Whole anticipated revenue (June)

Whole anticipated revenue distinction 

60

£159,215

£155,849

£3,366

65

£144,953

£142,296

£2,6571

70

£129,219

£125,365

£3,854

*Whole anticipated revenue determine based mostly on life expectancy statistics from the Workplace of Nationwide Statistics, are based mostly on age annuity is first bought. Whole anticipated revenue consists of annuity revenue solely. 




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