Below you'll find a list of all posts that have been tagged as “annuities”
Applications could take 14 fewer days to process Legal & General (L&G) has launched a digital application process for annuity applications which it says could trim a fortnight off the time it takes an average case to complete. The provider said it had launched the digital process with a select number of firms and would roll it out in the …
The provider exited the annuity market in 2017 but is now selling a fixed-term product to advisers. M&G has re-entered the annuity market eight years after it stopped selling the retirement products, Citywire can reveal. The provider is launching a fixed-term annuity term product (between five to 15 years) for advisers’ clients, with a minimum lump-sum investment of £10,000. The launch …
Market forces combine to create an attractive environment for annuity sales. Annuity sales have reached a 10-year high and rose 24% from 2023 to 2024. Research from the Association of British Insurers shows that 89,600 pension annuity contracts were sold last year, representing a 24% increase on 2023. The total value of those sales, £7bn, also jumped from the year …
More joint life and inflation-linked policies purchased Total annuity sales reached £7bn in 2004, an increase of 34% year-on-year, according to latest data from the Association of British Insurers (ABI). Some 89,600 annuity contracts were written in 2024 surpassing last year’s total and reaching a new ten-year high, the body said. The ABI’s data also showed more annuity purchases occurred …
Rates continue to remain ‘well above’ historic low levels Average annuity rates continued to rise in the third quarter of 2023 Q3, according to the Standard Life annuity rate tracker. The tracker, developed by Standard Life, part of Phoenix Group, monitors current average annuity rates across the market for those annuitising at ages 60, 65, and 70. It also shows …
First-half sales up 54% as higher interest rates boost annuity offering. Pension provider Just Group saw its best six months for annuity sales since the introduction of pension freedoms on the back of rising rates. Half-year results published this morning showed that in the first half of 2023, Just’s guaranteed income for life sales grew by 54% from £305m last …
