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Sun Life: Annuities fall highlights poor returns

26 January 2010

Recent falls in the amount of income paid on annuities demonstrates the "poor returns" that consumers are experiencing, according to Sun Life Financial of Canada.

The comment comes after the recently-published Annuity Index from MGM Advantage revealed that the income paid on enhanced and standard annuity rates decreased by an average if 1.64 per cent.

Mark Stopard, head of marketing at Sun Life Financial of Canada, said: "This latest research demonstrates the poor returns that consumers in general are currently receiving from conventional annuities.

"The drop in the average rate achievable underlines the need for consumers and advisers to explore all the options open to them at the ‘at retirement' stage, which includes drawdown and more flexible retirement solutions."

A drop in annuity rates could encourage a number of people looking to realise the potential of their assets through schemes such as equity release.

Homeowners can boost their incomes with such schemes by releasing some of the money from their property.