Money
Annuity comparison quotes hit new highs in 2024
Pensions technology provider iPipeline has reported a significant rise in demand for annuities among financial advisers.
In the first half of 2024, annuity quotes increased by 12% compared to the same period in 2023, marking the highest demand since iPipeline began tracking in 2013.
This follows a record 60% year-on-year rise in adviser annuity comparisons on its platform in 2023.
iPipeline’s annuities portal now accounts for 25% of all quotes in the UK retirement market.
The company’s November 2023 ‘Building a Better Retirement’ report, produced with Retirement Review, revealed that the average UK saver aged 40 to 66 targets a pension pot of £223,503, yet many fall short.
The average total value of personal pension pots is £167,891, with 23% of savers holding less than £50,000, and 37% having no savings target at all.
The findings highlight the growing importance of annuities in retirement planning.
Greg Neall, chartered financial planner at Wake up your Wealth, said: “This clearly shows a continued return to the annuity market by advisers, which comes as no surprise as annuity rates for those in their mid to late sixties are comparable to sustainable drawdown rates.
“If this higher interest rate environment persists, I believe the rates of annuity quotes will continue to increase particularly for those investors over 70 who have deferred taking their pension pots or have used a drawdown to transition towards a secure income later.”
Paul Yates, product strategy director at iPipeline, said: “We’ve seen advisers are searching for annuities during a time of higher interest rates. We assume, that now rates have started to fall and may continue to do so, these annuity numbers will start to slowly reduce.
It will be interesting to see what happens in the second half of the year (especially with the current market volatility levels). We are unlikely to see a return to interest rates under 1% again, so annuities should remain a key part of an adviser’s retirement toolkit, especially for older retirees who need income guarantees.
“We would also expect to see growth as the number of people with drawdown pots increases and as the age profile of holders grows.
“At the same time, we have a new government that could start to make major changes, and that may impact the way we save for, and spend in, retirement.”
TRY 6 ISSUES FOR JUST £6
Try 6 issues of Property Week for £6 to finish this article.
Sign up now for the following benefits:
- Unlimited access to Property Week and newsletters
- Breaking news, comment and analysis from industry experts as it happens
Don’t want full access? REGISTER NOW for limited access and to subscribe to our newsletters.
The Philippines’ DOST-ASTI introduced blockchain, NFTs, and crypto to youth, with a focus on real-world applications, fostering innovation for the future.
The defendants are accused of operating a fraudulent crypto-mining operation that sold mining equipment for a blockchain that didn’t exist.
A Bitcoin breakout could happen within the next “handful” of days, according to a pseudonymous crypto market analyst.
The hackers shilled the fake “OPENAI” token on OpenAI’s press account, a method reminiscent of previous X hacking incidents targeting the firm’s executives in the past.
In 2022, Coinbase asked the SEC to propose and adopt rules to govern crypto, including clarification on which crypto assets are securities.
-
Womens Workouts16 hours ago3 Day Full Body Women’s Dumbbell Only Workout
-
News6 days agoYou’re a Hypocrite, And So Am I
-
Sport5 days agoJoshua vs Dubois: Chris Eubank Jr says ‘AJ’ could beat Tyson Fury and any other heavyweight in the world
-
Technology6 days agoWould-be reality TV contestants ‘not looking real’
-
News2 days agoOur millionaire neighbour blocks us from using public footpath & screams at us in street.. it’s like living in a WARZONE – WordupNews
-
Science & Environment5 days ago‘Running of the bulls’ festival crowds move like charged particles
-
Science & Environment6 days agoHow to unsnarl a tangle of threads, according to physics
-
CryptoCurrency5 days agoEthereum is a 'contrarian bet' into 2025, says Bitwise exec
-
Science & Environment5 days agoLiquid crystals could improve quantum communication devices
-
CryptoCurrency5 days agoDZ Bank partners with Boerse Stuttgart for crypto trading
-
Science & Environment6 days agoWhy this is a golden age for life to thrive across the universe
-
Science & Environment5 days agoQuantum ‘supersolid’ matter stirred using magnets
-
Science & Environment5 days agoSunlight-trapping device can generate temperatures over 1000°C
-
Health & fitness6 days agoThe secret to a six pack – and how to keep your washboard abs in 2022
-
Science & Environment6 days agoLaser helps turn an electron into a coil of mass and charge
-
Science & Environment5 days agoHow to wrap your mind around the real multiverse
-
CryptoCurrency5 days agoBitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
-
CryptoCurrency5 days agoCardano founder to meet Argentina president Javier Milei
-
CryptoCurrency5 days agoDorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it?
-
CryptoCurrency5 days agoLow users, sex predators kill Korean metaverses, 3AC sues Terra: Asia Express
-
CryptoCurrency5 days agoBitcoin bulls target $64K BTC price hurdle as US stocks eye new record
-
News5 days ago
Israel strikes Lebanese targets as Hizbollah chief warns of ‘red lines’ crossed
-
Sport5 days agoUFC Edmonton fight card revealed, including Brandon Moreno vs. Amir Albazi headliner
-
Science & Environment5 days agoHyperelastic gel is one of the stretchiest materials known to science
-
Science & Environment5 days agoMaxwell’s demon charges quantum batteries inside of a quantum computer
-
Science & Environment5 days agoQuantum forces used to automatically assemble tiny device
-
News5 days agoBrian Tyree Henry on voicing young Megatron, his love for villain roles
-
Science & Environment6 days agoITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
Science & Environment5 days agoPhysicists are grappling with their own reproducibility crisis
-
Science & Environment5 days agoNuclear fusion experiment overcomes two key operating hurdles
-
CryptoCurrency5 days agoRedStone integrates first oracle price feeds on TON blockchain
-
CryptoCurrency5 days agoSEC asks court for four months to produce documents for Coinbase
-
CryptoCurrency5 days agoVitalik tells Ethereum L2s ‘Stage 1 or GTFO’ — Who makes the cut?
-
CryptoCurrency5 days agoBlockdaemon mulls 2026 IPO: Report
-
Womens Workouts3 days agoBest Exercises if You Want to Build a Great Physique
-
Womens Workouts3 days agoEverything a Beginner Needs to Know About Squatting
-
Science & Environment2 days agoMeet the world's first female male model | 7.30
-
Technology5 days agoiPhone 15 Pro Max Camera Review: Depth and Reach
-
Science & Environment5 days agoHow one theory ties together everything we know about the universe
-
Science & Environment6 days agoTime travel sci-fi novel is a rip-roaringly good thought experiment
-
Science & Environment5 days agoQuantum time travel: The experiment to ‘send a particle into the past’
-
CryptoCurrency5 days ago2 auditors miss $27M Penpie flaw, Pythia’s ‘claim rewards’ bug: Crypto-Sec
-
CryptoCurrency5 days agoJourneys: Robby Yung on Animoca’s Web3 investments, TON and the Mocaverse
-
CryptoCurrency5 days ago
$12.1M fraud suspect with ‘new face’ arrested, crypto scam boiler rooms busted: Asia Express
-
Science & Environment5 days agoFuture of fusion: How the UK’s JET reactor paved the way for ITER
-
CryptoCurrency5 days agoSEC sues ‘fake’ crypto exchanges in first action on pig butchering scams
-
CryptoCurrency5 days agoCertiK Ventures discloses $45M investment plan to boost Web3
-
CryptoCurrency5 days agoVonMises bought 60 CryptoPunks in a month before the price spiked: NFT Collector
-
CryptoCurrency5 days ago‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec
-
CryptoCurrency5 days ago‘No matter how bad it gets, there’s a lot going on with NFTs’: 24 Hours of Art, NFT Creator
-
Business5 days ago
How Labour donor’s largesse tarnished government’s squeaky clean image
-
News5 days ago
Brian Tyree Henry on voicing young Megatron, his love for villain roles
-
CryptoCurrency5 days agoCoinbase’s cbBTC surges to third-largest wrapped BTC token in just one week
-
News3 days agoBangladesh Holds the World Accountable to Secure Climate Justice
-
News5 days agoChurch same-sex split affecting bishop appointments
-
Politics6 days agoTrump says he will meet with Indian Prime Minister Narendra Modi next week
-
Technology5 days agoFivetran targets data security by adding Hybrid Deployment
-
Money6 days agoWhat estate agents get up to in your home – and how they’re being caught
-
Science & Environment5 days agoA new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Fashion Models5 days agoMixte
-
Politics5 days agoLabour MP urges UK government to nationalise Grangemouth refinery
-
News6 days agoRoad rage suspects in custody after gunshots, drivers ramming vehicles near Boise
-
Science & Environment6 days agoNerve fibres in the brain could generate quantum entanglement
-
CryptoCurrency5 days agoHelp! My parents are addicted to Pi Network crypto tapper
-
CryptoCurrency5 days agoCrypto scammers orchestrate massive hack on X but barely made $8K
-
Science & Environment5 days agoUK spurns European invitation to join ITER nuclear fusion project
-
Science & Environment5 days agoWhy we need to invoke philosophy to judge bizarre concepts in science
-
Science & Environment5 days agoHow do you recycle a nuclear fusion reactor? We’re about to find out
-
CryptoCurrency5 days agoElon Musk is worth 100K followers: Yat Siu, X Hall of Flame
-
CryptoCurrency5 days agoBitcoin price hits $62.6K as Fed 'crisis' move sparks US stocks warning
-
CryptoCurrency5 days agoCZ and Binance face new lawsuit, RFK Jr suspends campaign, and more: Hodler’s Digest Aug. 18 – 24
-
CryptoCurrency5 days agoTelegram bot Banana Gun’s users drained of over $1.9M
-
CryptoCurrency5 days agoEthereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?
-
CryptoCurrency5 days agoETH falls 6% amid Trump assassination attempt, looming rate cuts, ‘FUD’ wave
-
Politics5 days ago
‘Appalling’ rows over Sue Gray must stop, senior ministers say | Sue Gray
-
News5 days ago“Beast Games” contestants sue MrBeast’s production company over “chronic mistreatment”
-
CryptoCurrency5 days agoBitcoin options markets reduce risk hedges — Are new range highs in sight?
-
Money4 days agoBritain’s ultra-wealthy exit ahead of proposed non-dom tax changes
-
Womens Workouts4 days agoHow Heat Affects Your Body During Exercise
-
Womens Workouts3 days agoKeep Your Goals on Track This Season
-
Womens Workouts4 days agoWhich Squat Load Position is Right For You?
-
News2 days agoWhy Is Everyone Excited About These Smart Insoles?
-
News2 days agoFour dead & 18 injured in horror mass shooting with victims ‘caught in crossfire’ as cops hunt multiple gunmen
-
Womens Workouts15 hours ago3 Day Full Body Toning Workout for Women
-
News5 days agoPolice chief says Daniel Greenwood 'used rank to pursue junior officer'
-
Science & Environment6 days agoElon Musk’s SpaceX contracted to destroy retired space station
-
Technology1 week ago‘The dark web in your pocket’
-
Business7 days agoGuardian in talks to sell world’s oldest Sunday paper
-
News5 days ago
Freed Between the Lines: Banned Books Week
-
MMA5 days agoUFC’s Cory Sandhagen says Deiveson Figueiredo turned down fight offer
-
MMA5 days agoDiego Lopes declines Movsar Evloev’s request to step in at UFC 307
-
Science & Environment5 days agoHow to wrap your head around the most mind-bending theories of reality
-
Technology6 days agoCan technology fix the ‘broken’ concert ticketing system?
-
Fashion Models5 days ago“Playmate of the Year” magazine covers of Playboy from 1971–1980
-
News1 week agoDid the Pandemic Break Our Brains?
-
Fashion Models5 days agoAchtung Magazine
-
Fashion Models5 days agoNuméro Switzerland
-
Politics7 days agoTrump Media breached ARC Global share agreement, judge rules
-
Health & fitness6 days ago11 reasons why you should stop your fizzy drink habit in 2022
-
Science & Environment5 days agoHow Peter Higgs revealed the forces that hold the universe together
You must be logged in to post a comment Login