Best Annuity Ratesto secure the highest
income
for your money and compare the annuity rates that offer different features such as single, joint life or escalation.
Increase
your annuity income by up to 30%!
If you are a smoker and retiring now, shop around
for the highest open market annuity by using our
free
smoker annuity quote
These rates are for a pension purchase price of £100,000 after the
tax free lump sum of £33,333 has been taken.
Last updated: 20 August 2008
SINGLE, level annuity rates
Male single life
Female single life
male
50
£6,660
male
55
£7,236
male
60
£8,100
male
65
£9,264
male
70
£10,644
male
74
£12,768
female
50
£6,468
female
55
£6,972
female
60
£7,752
female
65
£8,808
female
70
£10,296
female
74
£12,192
JOINT, level annuity rates + 50% spouse
Male + Female joint rates
male
50 and female 50
£6,204
male
55 and female 55
£6,576
male
60 and female 60
£7,116
male
65 and female 65
£7,836
male
70 and female 70
£8,880
male
74 and female 74
£9,972
The above are examples of the rates available. Click the following for the full standard tables and other annuity options.
Annuity rate notes: The above example table shows the best open
market optionpension annuity rates for smoker single and joint annuitants based on:
•
Purchase price of £100,000 - this assumes an original pension fund of £133,333 and after the
tax free lump sum of £33,333 has been taken;
•
Annuity rates are payable monthly in arrears and show the gross income (before deduction of tax);
•
Level annuity rates pay the same income per month for the whole of the annuitants life;
•
Level annuity rates + 50% spouse pay the same income per month for the whole of the annuitants life and on death, pays 50% of the income to your spouse for the whole of their life;
•
Annuity rates are for single males and single females from the ages of 50 to 74 years.
•
No medical enhancements are included in these rates.
•
The annuities rates tables are only a guide as rates
change frequently. Please request a free
annuity quote for an accurate income for your retirement annuity.
smoker enhancement
This applies to both a pension and purchased
life annuity. There are a number of factors relating to
health or lifestyle that mean an individual could benefit
from an enhanced annuity, resulting in a significant increase
in the pension income or income from a lump sum in retirement.
Although these people may be very healthy today, due to these
factors their life expectancy is less than that of the norm.
If the annuitant smokes 10 or more cigarettes per day (or
3 ounces of cigarette tobacco per week) and has done so for
the past 10 years, they could receive enhanced rates from
a life company. Enhanced rates do not apply to annuitants
that smoker pipes or cigars. If after being accepted on the
enhanced terms the annuitant gives up smoking, the pension
income will still continue at that rate for the rest of the
annuitant's life.
If the annuitant has suffered ill health in the past that
has reduced their life expectancy relative to the mortality tables, then again enhanced rates could be payable. If it
is the annuitant's spouse that has suffered ill health, is
a smoker or is overweight then whether pension annuities or
a purchased life annuities the life companies could pay a
higher income based on a joint life annuity.
In addition life companies also consider the lifestyle and
location of the annuitant. In particular, it the annuitant
has been a manual worker for most of their working life of
live in a particular part of the country, an enhanced annuity
could be payable. Before qualifying for enhanced terms it
is likely that the life company will ask for General Practitioners
Report (GPR) from the annuitant's doctor to verify the medical
conditions before an enhanced income can be paid.
12-month trend 2008
For all annuitants retiring in July 2008 aged between 50 to
74 and purchasing a single or joint life level annuity, they
have seen an increase in the income payable when compared to
rates 12 months ago in July 2007.
The following tables show the latest smoker rates compared to last
year (follow the link for conventional rates showing a 12-month trend). It is based on an original pension fund of £133,333
and after the tax free lump sum has been taken, £100,000
is used to purchase an annuity. The difference between the two
years is shown in pounds sterling per annum. The percentage
is the change from the annuity rate paid last year.
Annuity table - the annuity rate
changes are based on £100,000 in July 2008
compared to July 2007. For an annuity rate specific
to your circumstances you should complete the free
annuity quote.
Annuity table - the annuity rate
changes are based on £100,000 in July 2008
compared to July 2007. For an annuity rate specific
to your circumstances you should complete the free
annuity quote.
Disclaimer:
Information found on this site does not amount to financial advice or
legal advice. Every time you access the website you agree to be bound
by the Terms and Conditions.
If you do not agree to be bound by them, you should not use the sharingpensions.co.uk
website. Before taking any action regarding pensions, pension on divorce
or any other financial or legal matter you should seek professional
advice.
