Latest news for MGM Advantage 
MGM Advantage's Flexible Income Annuity provides some protection against inflation with the prospect for income growth(04/05/2011)
As the cost of living increases there will be even greater strain on household incomes and that this will hit those in retirement hardest. A combination of rising inflation and falling conventional annuity rates is resulting in growing demand for a new breed of investment backed annuity. According to MGM Advantage, collectively UK households need to find an extra £35 billion to maintain the standard of living enjoyed just 12 months ago. For h... [more]
With falling annuity rates, people considering purchasing an annuity need to give greater consideration to alternative retirement income solutions(02/02/2011)
According to MGM Advantage, to maintain the same living standards as a year ago, the UK population would need to spend an estimated additional £528.96 per person. UK households need collectively to find an extra £33 billion to maintain the standard of living enjoyed 12 months ago. For households where the main occupant is aged 65 -74, the corresponding figure is £2.6 billion and where they are aged 75 and over, it is £2.03 billion. In Decem... [more]
The need to shop around for the best possible annuity rate is becoming ever more imperative(20/12/2010)
In the three months between September 2010 and December 2010 the average conventional rate fell by 1.04% while the average enhanced rate fell by 2.12%. Since June last year, the average conventional and enhanced rates have fallen a staggering 7.94% (6.06% since November 2009) and 7.32% (6.07% since November 2009). The MGM Advantage Annuity Index tracks the income paid on enhanced and conventional annuities on a quarterly basis. Craig Fazzini-J... [more]
It is a big gamble to trade a lifetime income for the probability of dying early(14/12/2010)
The government's decision today to scrap compulsory annuitisation at 75 should be treated with caution. The new draft legislation, as part of the Finance Bill 2011, aims to change current rules that stipulate individuals have to take an income from their pension fund from the age of 75. Craig Fazzini-Jones, Director at MGM Advantage says, "While anything that gives pensioners more flexibility is a good thing, people should not lose sight of th... [more]
8 in 10 IFA annuity specialists expect rates to fall over the next five years(16/09/2010)
According to new research from MGM Advantage amongst some of the country's leading IFA annuity specialists, 82% expect rates to fall over the next five years. Surveyed at a recent Retirement Summit, one in four expect them to decline by between 7.5% and 10% over this period, but nearly one in five (18%) expect a fall of over 10%. Only 9% said that they did not expect annuity rates to decline between now and 2015, with 2% expecting them to rise. ... [more]
Significant differences between the best and worst annuity rates(06/07/2010)
According to the latest results from the MGM Advantage Annuity Index, the difference between the income paid on top and bottom quartile enhanced annuities is continuing to grow. It shows that over an average retirement, men could now be £10,129 worse off and women £11,351 worse off if they chose a bottom quartile enhanced annuity for their £50,000 pension pot. The Index also shows that annuity rates have fallen by nearly 3% since June 2009. Th... [more]
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