MGM advantage have revealed that rates for annuities fell over the past 6 months of 2009 by an average of 1.5%. The fastest falling annuities are standard annuities, according to the latest annuity index. On average pension annuities as a whole fell 1.64% in the last six months of last year, but standard rates fell the furthest at 2.16%. The gap between the highest annuity quartile and the lowest also grew to 64%.
The data also shows that enhanced annuities are becoming more attractive as they now pay on average 22.7% more than standard annuities. Craig Fazzini-Jones of MGM acknowledged there was a lot of volatility in the market at present, but that potential annuitants should always shop around to find the best deal.
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