Cost of £5k retirement income soars by 29%

Four years ago a £5,000 income would have cost a man £118,000 and a woman £133,500. However, based on unisex annuity rates, today the cost is £152,800. The report put the increase in price down to falling annuity rates. Rates have fallen because of a combination of factors including European regulations including the gender directive - which has disallowed the use of gender to price policie- improving life expectancy, and the side-effects of quantitative easing. The median private pension savings for a household where the head is aged 50 to 64 is £135,200. At the same annuity, this...