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Tuesday 4th December 2007
The increasing lifespan of Britons is having a significant impact on available pension pots and is having a major influence on annuity rates.
Martin Bamford, of wealth management services company Informed Choice, has explained that the fact people now have much longer life expectancy than in previous generations is having a "massive influence" on annuity rates.
He commented: "People are living for longer and as a result annuities are getting more expensive. The direct knock-on effect from that is that you get a smaller income from the same amount of pension fund."
Meanwhile, he added, there is currently "a lot of nervousness in the investment market" and these factors are combining to mean that people who are approaching retirement now "may see a dip in the value of their pension fund".
Therefore, Mr Bamford warned: "If you're looking to take retirement benefits next year and haven't really planned for it yet, buying an annuity might actually be quite a poor decision in the sense that the value of your fund might actually be quite a bit lower."
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