Annuity

RECENT NEWS
Times Online  Apr 9  Comment 
The first hard evidence has emerged that sales of annuities have slumped in the three weeks since George Osborne announced...
Wall Street Journal  Apr 6  Comment 
Recent court rulings and regulatory filings affect IRAs, certain Medicare beneficiaries and owners of variable annuities.
Times Online  Apr 2  Comment 
Sales of annuities could slump by as much as 75 per cent in the wake of George Osborne’s surprise reforms...
Financial Times  Mar 31  Comment 
Systems that do not require savings to be at least partly annuitised, such as Australia, have yet to come up with a better guaranteed income product
Financial Times  Mar 26  Comment 
Insurers hope bulk annuity transactions will help compensate them from the expected collapse in lucrative individual annuity sales
guardian.co.uk  Mar 26  Comment 
Shake-up announced in budget lets retirees choose how to invest instead of forcing swap of pension savings for annuity The UK market for individual annuities will shrink by some 75% after government measures freeing retirees from having to buy...
newratings.com  Mar 26  Comment 
LONDON (dpa-AFX) - Legal & General Group Plc (LGEN.L) announced a bulk annuity arrangement with the ICI Pension Fund, covering 3.0 billion pounds of the Fund's liabilities. The company said that 3.0 billion pounds premium from this...
guardian.co.uk  Mar 22  Comment 
The chancellor's announcement on annuities will completely change the way we fund retirement. So start planning now A bumper budget for cruise companies and sports car makers, or a welcome acknowledgment that people are capable of looking after...
guardian.co.uk  Mar 21  Comment 
It's game over for the compulsory purchase of annuities, and no 'actuarial genius' chief executive could have predicted that Steve Groves, chief executive of Partnership Assurance, was described by his fans as an "actuarial genius" when the...
Financial Times  Mar 21  Comment 
Five UK insurers are giving people who recently applied for an annuity some ‘breathing space’ to decide whether they still want to proceed with applications




 
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A financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. Annuities are primarily used as a means of securing a steady cash flow for an individual during their retirement years.

Annuities can be structured according to a wide array of details and factors, such as the duration of time that payments from the annuity can be guaranteed to continue. Annuities can be created so that, upon annuitization, payments will continue so long as either the annuitant or their spouse is alive. Alternatively, annuities can be structured to pay out funds for a fixed amount of time, such as 20 years, regardless of how long the annuitant lives.

Annuities can be structured to provide fixed periodic payments to the annuitant or variable payments. The intent of variable annuities is to allow the annuitant to receive greater payments if investments of the annuity fund do well and smaller payments if its investments do poorly. This provides for a less stable cash flow than a fixed annuity, but allows the annuitant to reap the benefits of strong returns from their fund's investments.

The different ways in which annuities can be structured provide individuals seeking annuities the flexibility to construct an annuity contract that will best meet their needs.

All annuities have a free look period, a death benefit, guarantees, and annuitization options. Most have surrender periods.

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