We already know that Brexit has hit pension funds hard, but the knock on is already impacting pensioners looking to buy annuities.
Just a few weeks after the vote annuity rates are at a new record low. In effect they will have to pay more to buy an annual income than it would have cost before the vote. Hargreaves Lansdown and the BBC are saying that they shouldn't hold off buying annuities as the rates aren't going to rise anytime soon.
Pensions and how best to share them are key concerns for many of my clients on divorce. Lower income on retirement from their existing funds will have to be taken into account in their settlements. For some it may mean that we have to be more creative in finding practical options, making it crucial that anyone looking to divorce obtains specialist legal advice at an early stage.
Annuity rates - which determine the value of pension incomes - have been 'in freefall' since the UK's vote to leave the EU, according to an expert.