Nov 11 2008
People saving for their retirement have been advised to look for the best annuity deals available.
According to Craig Fazzini-Jones, director and head of MGM Advantage Designs for Retirement, the best way to beat falling interest rates is to shop around for the best offers on the market.
He also said that, while annuity rates are likely to drop as a result of recent cuts in the base rate of interest, it is worth remembering that such rates are influenced by a number of factors.
Mr Fazzini-Jones went on to say: "Interest rates have been cut by 1.5 per cent, but the difference between the highest and lowest annuity rates available is much greater than that."
Meanwhile, Virgin Money recently said that people who are seeking to convert pension funds into annuities need increased protection in the light of current stock market volatility.
It urged the financial services industry to make the transfer process as smooth as possible.
