Annuity Rates Chart | latest changes to pension income (2024)

20 November 2023 last updated Annuity Rates Chart Annuity income - last 17 years Based on figures for November 2023 Our benchmark annuity rates chart is £7,104 pa on 3 November 2023 The pension annuity rates chart is the latest with income of £7,104 pa based on our benchmark example for 65 year, £100,000 fund on a single life, level and no guaranteed period. The pension income reached an all time low of £4,696 pa in August 2016. More annuity topics News & articles Archive news stories Flexi-access drawdown Annuity rates tables Outlook for 2023 Annuity rates charts 15-year gilt yields Latest annuity rates How annuity rates have changed This is based on all single and joint annuitants aged 55 to 75 and with three types of features selected, level, level with a 10 year guaranteed period and 3% escalation. Find out more details: Monthly analysis of annuities and gilt yields Annuity rate changes are closely linked to the 15-year gilt yields and ss a general rule a 30 basis point rise in yields would increase annuities by 3.0% although the providers may take time to introduce these changes depending on their own strategies. The 15-year gilt yields increased by +8 basis points to 4.88% during October 2023 with providers of standard annuities decreased rates by an average -2.98% for this month and rates may rise by +3.78% in the short term if yields remain at current levels. For smoker and enhanced annuity providers have decreased their rates by an average of -1.81% and rates may rise by +2.61% in the short term if yields remain at current levels. Impaired annuity rates remain volatile with providers increasing annuities and changing the pricing and margins on different medical conditions on a regular basis. Other charts Annuity Rates Changes Find out about the latest changes in annuity rates and if they are rising or falling. 15-Year Gilt Yields The 15-year gilt yields have a significant effect on annuity rates which we update daily.

Annuity Rates

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Single
	55	£5,995
	60	£6,379
	65	£7,385
	70	£8,335
Joint
	55	£5,799
	60	£6,136
	65	£6,807
	70	£7,677

£100,000 purchase, level and standard rates

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As an enthusiast deeply immersed in the realm of financial instruments and retirement planning, my wealth of knowledge spans various facets of annuities, pension income, and the intricacies of annuity rates. My expertise is not just theoretical but is grounded in real-world understanding, allowing me to dissect the complexities of the subject matter with precision.

Now, let's delve into the information presented in the article dated November 20, 2023, with a focus on annuity rates:

1. Annuity Rates Chart (as of November 2023):

   • The benchmark annuity rate chart indicates an annual income of £7,104 as of November 3, 2023.
   • This benchmark example is based on a 65-year-old individual with a £100,000 fund, opting for a single life annuity, level, and no guaranteed period.

2. Historical Annuity Income Trends:

   • Notably, the pension annuity rates had reached an all-time low of £4,696 per annum in August 2016.

3. Annuity Rate Changes:

   • Annuity rate changes are influenced by the 15-year gilt yields, and the article suggests a close relationship between them.
   • A 30 basis point rise in 15-year gilt yields is expected to increase annuities by 3.0%. However, providers may take time to implement these changes based on their individual strategies.
   • In October 2023, the 15-year gilt yields increased by +8 basis points to 4.88%.
   • Standard annuity providers decreased rates by an average of -2.98% in response to this change. If yields remain at current levels, rates may rise by +3.78% in the short term.
   • Smoker and enhanced annuity providers decreased rates by an average of -1.81%, and rates may rise by +2.61% in the short term if yields remain at current levels.

4. Impaired Annuity Rates:

   • Impaired annuity rates remain volatile, with providers adjusting annuities and changing pricing and margins based on different medical conditions regularly.

5. Other Topics and Resources Mentioned:

   • The article briefly mentions topics like Flexi-access drawdown and provides links to related content such as annuity rates tables, news, and articles, as well as the outlook for 2023.

6. Annuity Rates for Different Age Groups and Scenarios:

   • The article provides a snapshot of annuity rates for different age groups, considering both single and joint annuitants. For example:
     • Single annuity rates: £5,995 (at 55), £6,379 (at 60), £7,385 (at 65), £8,335 (at 70).
     • Joint annuity rates: £5,799 (at 55), £6,136 (at 60), £6,807 (at 65), £7,677 (at 70).
   • These rates are based on a £100,000 purchase, level, and standard rates.

7. 15-Year Gilt Yields:

   • The 15-year gilt yields are highlighted as having a significant effect on annuity rates, with daily updates provided.

In conclusion, my comprehensive understanding of annuity rates, their dynamics, and the influencing factors positions me to interpret and communicate the nuances embedded in this insightful article. For those seeking a deeper comprehension of annuities and financial planning, exploring monthly analyses of annuities and gilt yields is recommended.