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Savers who retire this month face receiving pension income that is up to 13 per cent lower than what they could have obtained a year ago.
Payouts on annuities have crashed to an all-time low over the past year, according to figures from data firm Moneyfacts.
In January 2015, a 65-year-old saver would have received £2,727 a year in exchange for their £50,000 nest-egg. But this month the figure has plunged to £2,573 — a 5.6 per cent fall.
In a further blow, those hardest hit will be savers looking for pensions that account for their health conditions.
So-called enhanced annuities typically give a higher income, but payouts have plunged by between 5 per cent and 13 per cent over the past year, the analysis showed.
Experts say the fall is down to a combination of factors, including new European rules that force firms to hold more cash on their books rather than doling it out.
This means pension companies must claw back extra costs from customers.

Yahoo finance
New FCA data shows just 13pc of savers are choosing to turn their pot into a guaranteed income via an annuity
Nearly nine in ten savers accessing their retirement pots under the pension freedoms are using new flexible arrangements, new data has revealed.
Financial Conduct Authority (FCA) shows just 13pc of savers are now buying annuities to turn their fund into an income in retirement.
• Pension freedoms: 2.2m face charges to access money
• £17m a day withdrawn under new pension freedoms
A total of 178,990 pensions were accessed during the three-month period, and 68pc of these, amounting to 120,969 pensions, were fully encashed.
The remaining 32pc of pensions that were accessed were taken to provide an income.
Most (88pc) of the pensions where the money was fully taken out were worth less than £30,000, the FCA said. Another worrying trend is for the majority of consumers continue not to shop around for the best deals, despite the clear benefits of doing so.
Concerns were raised about the number of people not taking financial advice, or using the Government’s Pension Wise service.

Retired savers waiting to re-sell their their annuities face prohibitive costs ahead of Government plans to introduce an ‘annuity marketplace’.
Under the proposals, pensioners who have already used their pension funds to buy an “annuity”, which pays an income for life, will be able to sell their deals in return for a cash lump sum. The “second-hand” pensions market will be made available in 2017.
The Government is understood to favour a free market in which savers put their annuity contract up for sale and insurance companies bid against each other.
The customer then receives a lump sum from the highest bidder. In exchange, the insurer collects the income stream attached to the saver’s annuity. However, experts have warned that the cash offers may be lower than customers hope. The income stream stops when the customer dies – as a result, people whose health has deteriorated may receive only a paltry offer.
The cost of advice is likely to exceed £1,000 for most people, experts said.

Telegraph.co.uk

Money makeover: Max Loosli, 60, needs a precision plan to spend his entire pension in his lifetime – without running out of cash first. New “pension freedoms” introduced this year mean that, for the first time, savers such as the Loosli’s are now able to access their pensions as cash, without paying punitive rates of tax.

Telegraph.co.uk

Many feared savers would blow their retirement savings when new freedom rules were introduced, with then pensions minister Steve Webb declaring he was relaxed about people blowing it on Lamborghinis should they so wish.
However, the ABI says retirees are taking a ‘common sense approach.’

Dailymail.co.uk

We’re very pleased to announce that Assured Retirement, the UK’s newest retirement income provider has chosen AMS Retirement for their first portal integration. Our Cash Retirement Account now appears on the Fixed Term section of AMS Retirement.

The Cash Retirement Account, which is a low risk fixed term secured drawdown plan, is designed for those who wish to access their pension savings in a cost effective and flexible manner using the new post-April pension flexibility. It is aimed at low risk investors and only invests in cash deposits with Banks, Building Societies and with National Savings and Investments, so there is no exposure to any investment risk.

The Investment is protected at all times as all deposit takers on the panel are fully authorised to do business in UK by the Financial Conduct Authority and are 100% covered by the Financial Services Compensation Scheme. The mixture of cash deposit accounts are selected so that the interest earned is maximised and mature in time to provide the required benefits. The amounts invested, including interest earned, do not exceed £75,000 with any single bank or building society, thus offering 100% protection at all time.

For more information about Assured Retirement’s product offering please go to their website, www.assuredretirement.co.uk

Assured Retirement present at Westminster and City Retirement Income Options Conference
Assured Retirement have been invited to speak at the Westminster and City 19th Annual Conference on Annuities and Drawdown, a two day event on 25th and 26th November 2015, London Marriott, Canary Wharf, london, E14 4ED

Telegraph.co.uk
Sales of annuities to pensioners have fallen by almost 90pc since the Chancellor gave retirees the freedom to choose how to spend or invest their pension pots.

The UK government will look into options for cutting exit charges on savers who want to cash in their pensions early, as part of action to remove “unjustifiable barriers” for those who want to take advantage of big market reforms that came into force in April.

FT.com