Interest rate cut means now is 'worst time ever' to retire

Annuity rates already at record lows

The Bank of England's decision to cut interest rates means now is probably the "worst time ever" to make a retirement income decision and people looking to buy an annuity should consider deferring, according to Aegon.

The Bank today cut interest rates to 0.25%, the first move it has made since cutting them in March 2009. It also boosted QE and its bond purchasing programme. It is likely the move will further hit annuity rates which are already at record lows. Aegon pensions director Steven Cameron (pictured) said today's announcement means "now is probably the worst time ever to be making a retirement decision". He warned people looking to buy an annuity now would face the prospect of locking in super-low returns for life. He added: "After seven years of low rates, there's no guarantee we'll ...