Pension incomes fall as referendum effect filters through

[AtW]

"Providers of annuities - the policies that convert pension pots into incomes for life - have cut their rates this morning to reflect falls in the financial markets since Thursday's Brexit referendum.

Two annuity firms, Just Retirement and Retirement Advantage, announced annuity rate cuts this morning. Just Retirement’s rates are down by around 2pc.

The cuts follow falls in the yields on bonds issued by the British Government in the wake of the EU vote. More falls in annuity rate are likely to follow, according to experts.

This is just one of many possible effects of the Brexit vote on pensioners and those who are saving for retirement. Here we look at the future for pensions outside the EU."

Pension incomes fall as referendum effect filters through 

Oh dear

[MarillionFan]

Strangely my pension fund with Standard Life is at an all time high, so I am assuming they hedged Brexit

[GB9]

2 companies no one has ever heard of?

I assume now the markets are back where they were last week they have reversed the cut? Wonder why they didn't cut in Feb?

Can't see cuts from the big players. But then these things go up and down all the time.

[AtW]

Can you see BoE rate cut next week? That's what is being priced in now

[GB9]

Can you see BoE rate cut next week? That's what is being priced in now

Are you going to have a punt then?

[scooterscot]

Strangely my pension fund with Standard Life is at an all time high, so I am assuming they hedged Brexit

Well of course it is. It's based in Edinburgh after all.

[vetran]

strange I never see stories saying 'Annuities raised across the board due to fabulous trading'

This lets them keep more of your money!

[NigelJK]

They're about to get their wrist slapped for naughty clauses already, so this will help the cause no end.

[BlasterBates]

As Jim Cramer said on Brexit, the British voted themselves a pay cut.

The effects will filter through in decreased pensions and inflation which won't be compensated for in increased incomes not to mention tax rises at some point.

The question is not whether there will be a pay cut but how much.

[AtW]

Are you going to have a punt then?

I don't gamble...