Specialist Annuity provider Hodge Lifetime have been the first company of 2011 to announce an increase to their Annuity rates.
The rise has been attributed to Hodge Lifetime wanting to become more competitive at the start of the New Year; however it will be welcomed by those thinking of purchasing an Annuity with their pension fund.
Annuity rates fell during most of 2010, however towards the end of the year providers started to increase the rates on offer and this announcement from Hodge Lifetime could indicate the trend will continue into 2011.
The recent announcement abolishing the requirement to purchase an Annuity means that more thought needs to be put into whether an Annuity should be purchased. However for those who feel an Annuity is right for them this rate rise will be welcome news and more will be hoped for as 2011 unfolds.