Annuity rates now so low you’d need to live to 90 to get value for money!
Don’t say we haven’t warned you! An interesting article in the Daily Mail confirms that impartial and knowledgeable Pension advice is needed for everyone close to retirement, especially for Expats who potentially have more favourable options.
Talking about one of the most common ways to start taking a private Pension Ros Altmann said:
‘Buying an annuity is considered the “safe” thing to do when reaching retirement. This is misguided. The “safety”’ only refers to the fact that the amount of income will be set for the rest of your life.’
Annuity rates have declined for last 15 years:
With annuity rates on free fall for well over a decade, it is clear that the annuity option, which is often advised as a safe and decent choice, will very rarely pay a person back what they have put into the pot and will never be allowed to be carried on as a Pension legacy like Expats have the option of doing with a QROPS.
So why do people sell their savings to unscrupulous Pension companies?
Bad advice, non advice, or lack of impartial advice.
It’s really very simple, and is why a service such as ExPAS is invaluable to Expats wanting to learn more about their Pension options before speaking to a financial advisor.