Annuity Demand Up Rates Down
Published / Last Updated on 04/11/2014
Annuity Demand Up Rates Down
An At Retirement report from IRESS has showed that in September despite annuity rates declining, demand rose 10.5%. Compared to August the report found that September saw a rise of over 10% for single life annuities.
The data was taken from 150,000 advised annuity sales.
Despite annuity demand remaining down following the budget changes in March, sales have increased 14% in June. However they remain 47% down compared annually.
The data showed that an average single life annuity secured an income of £3,810pa, this was up 4.6% compared to August and up 16.7% compared to last year. The increase was thought to be a result of the average persons annuity pension pot being higher than previous years. It was the highest level since 2012 reaching £72,134 in September.