· Life expectancy at birth in England and
Wales in 2009-2011 was 78.7 years for boys and 82.6 years for girls.*
· The
chance of surviving from birth to age 85 has more than doubled for men over
the last three decades from 14% in 1980-82 to 38% in 2009-2011.*
*Source: ONS Website
Recent trends in UK life expectancy are well documented with
both male and female ages steadily rising. Whilst this is good news for us all,
the recent rises have been coupled with low gilt yields. Which if your
approaching retirement is not so good news, as the result has been a continual
downward pressure on the annuity income that can be achieved from pension
funds.
Whilst this sounds ‘all doom and gloom’ for pension savings,
there have been dramatic changes in pension legislation and various innovative
options being made to those have or are approaching retirement, including the
removal of the requirement to buy a pension. It is possibly now more important
than ever to shop around for the best rates and consider all the options
available, as with us all living longer a decision made today for the wrong
reasons today could have lasting implications.
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