New killer annuity rate cut on the way

Adrian Holliday

If you thought annuity rates couldn't get much lower, think again. Research from Moneyfacts claims average annuity income rates have dropped by as much as -8.6% in the last year, crushing the income of many newly retired people.

But a new -10% drop in annuity rates looks likely for new UK male pensioners - if they don't act smartly.%VIRTUAL-SkimlinksPromo%