Explained in plain English
Locking in a guaranteed income
Buying an annuity means trading a portion of your pension savings for a fixed, regular payment that never drops, no matter how wild the stock market gets. With rates sitting at 7.75 percent, retirees can secure a significantly better deal today than they could at almost any point since the mid two thousands.
Stories that explain this
Annuity rates reach 18-year high to expand retirement pots for pensionersThis explainer came from a news story
BriefTea explains every UK news story in 80 words — and when a story assumes something you don't know, its Knowledge Galaxy maps the background so you can explore until it makes sense. Free, no ads, no paywall.
Get BriefTea on the App Store