Annuity rates have hit their highest point in eight years, with a further surge in annuity income expected if the Bank of England raises interest rates today, according to a new report.
Chancellor Sajid Javid has rejected a call to kill off in the near future the Retail Prices Index (RPI) measure of inflation – a figure used for the indexation of many pensions and financial products.
UK inflation fell to 2.1% in December, from 2.3% the previous month, according to the Office for National Statistics (ONS).
Pensioners have higher incomes on average than the rest of the population for the first time, the Institute for Fiscal Studies has reported.
The change from pensions being linked to the Consumer Prices Index rather than Retail Prices Index will "wreak havoc" on pension funds, according to deVere Group.
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