FCA fines Standard Life Assurance £30m over annuity sales failures

Standard Life has been fined £30.7 million by the Financial Conduct Authority (FCA) over failures in selling non-advised annuities. The regulator took action against Standard Life Assurance, now owned by closed-book pension provider Phoenix, over enhanced annuity sales between July 2008 and May 2016. ‘Standard Life Assurance failed to put in place adequate controls to monitor the quality of the …

Retirement ProfessionalsFCA fines Standard Life Assurance £30m over annuity sales failures

Annuity rates up 19% since Brexit nosedive

Annuity rates have increased nearly 20 per cent since hitting rock bottom two years ago, Hargreaves Lansdown analysis shows. In an update, the fund shop notes annuity rates that nosedived following the EU referendum result have risen. Rates for 65 year olds are up 19 per cent since their low on 15th September 2016. At their lowest, a 65 year …

Retirement ProfessionalsAnnuity rates up 19% since Brexit nosedive

What an annuity costs and where to buy it

If you’re looking to purchase a life-long income with your pension savings, there’s a lot to think about when making the irreversible decision about where to put your money. Where can you find a good annuity? How much do they cost? Where to buy First of all, your pension provider may offer their own annuity six months before you retire, …

Retirement ProfessionalsWhat an annuity costs and where to buy it

Basic state pension to rise to £119 per week

Autumn Statement boost for pensioners In Wednesday’s Autumn Statement, the Chancellor will announce the basic state pension will increase to £119.30 a week from April 2016. The BBC reported the basic state pension will get its biggest rise since 2001. The increase equates to 2.9% and will be worth £174.20 extra a year to someone on a full basic state …

Retirement ProfessionalsBasic state pension to rise to £119 per week

Five reasons to buy a pension annuity

After a lifetime accumulating pension savings, you reach the point when those savings must provide a regular income for your retirement. Recently the options have become much broader, but the most traditional route – the annuity – is refusing to go quietly. Here’s why. Consider your pension fund, built up over a working lifetime. On retirement, you could simply draw …

Retirement ProfessionalsFive reasons to buy a pension annuity