Mollygo
Oh and Growstuff, I made an error. It was double figures of thousands per annum we lost, i.e. quintuple figures. (Quintuple means 5)
If it didn’t affect you, lucky you.
Dismissing something as impossible because it hasn’t happened to you is like saying no one else can have toothache because you never have.
But if it keeps you busy, do continue your ‘it can’t be true’ posts.
I assume that you're not talking about the state pension given that your OH has lost thousands a year. He's not the only one but when GNers talk in any depth about pensions the subject is usually the State pension. That is the only pension that many of them have.
Back in the 90s annuity rates collapsed. Annuities being what were purchased with one's pension pot at that time. Now it's different - there's a much wider choice of investments for private pensions.
I remember the value of my private pension dropping, not that it made much difference because it was with Equitable Life, if you remember that saga.
In 1990 the annuity rate for a 65 year old man was 15.5%. In 2004 the rate was between 8 and 9%. Currently it's between 3 and 4%. The reason for the decline is the decline in gilts and also for increased longevity.