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Blog and press cuttings

I monitor annuity rates and bond yields on a regular basis and I was surprised and shocked to notice the GAD interest rate for July is 1%. This is the lowest level ever recorded since GAD was introduced in 1996. The GAD rate is based on the yield for 15-year gilts and before pension freedoms it was important because it determined the maximum income from capped drawdown. Since t ...

Engage with advice I want to help people make the right decisions at retirement but it seems many people don’t want to help themselves by properly engaging with advisers. In the old days (whenever that was), people were more open to taking advice and more trusting of experts but nowadays many people have a closed mind to advice and don’t necessarily trust advisers. This has not ...

We are living in uncertain times It is an understatement to say that we are currently in uncertain times. The outcome of the Brexit negotiations is uncertain, we don’t know the outcome of Trump’s trade war with China and the financial markets are up and down like a yo-yo. When markets are volatile, what advice do we give our clients? It is easy to hide under the umbrella that “ ...

When will annuities bounce back? The market has been waiting a long time for annuities to bounce back from historically low levels but despite a few false dawns, rates have remained stubbornly low. The chart below shows the income from our benchmark annuity* (left axis) and the yield form our benchmark gilt** (right axis) over the last three years. *The benchmark is a £ 10 ...

It is still not the year of the annuity! In January I wrote a piece asking if 2018 was going to be the year of the annuity? For the Chinese, 2018 is the year of the dog but in the UK, annuities have been in the dog house since pension freedoms and they look like remaining in the kennel for sometime to come. The case for annuities is getting stronger There are few people more ...

Retirement advice; an art or a science? This is the working title for a new guide I am writing which looks at the retirement advice process. One of the reasons advices at retirement is so complicated is there are a lot of technical factors and a lot of behavioural factors to take into account. One of the advantages of looking at both the technical and emotional side of retireme ...

In last month’s article I said retirement advice doesn’t have to be black or white because there are solutions that bridge the gap between annuities and drawdown. I went on to say that I thought it was difficult to innovate annuities there was plenty of scope to innovate the way advice is delivered. I was very pleased to get a response from Peter Ellis at Just Retirement. He ma ...

Fixed term income plans – retirement options do not need to be black or white It seems that every time I go a conference there is someone talking about the need for innovation in retirement income plans. Having watched various product developments over the last 20 year it comes as no surprise to me that the elusive new plan which fits half way between an annuity and drawdown ha ...

It has been 16 months since I started advising clients again after a break of four years. Obviously much has changed after pension freedoms not least that annuities are less popular and drawdown has become the new default at retirement. This is not a problem nor an issue for a good adviser because they will always work out what is the best solution for the client rather than be ...

Annuity Update May 2018 As I review annuity rates at the beginning of May 2018 I am struggling to say anything new because there has been little meaningful change to rates over the last few months except for relatively small changes to some rates when yields have changed. Little has changed Annuity rates have been stuck in a narrow band for the last 8 months with the benchmark ...

William Burrows

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