This is less than the premium of about 30% on current market annuity rates.

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With a GRAT, the owner of a company can transfer stock in the firm into a trust for the benefit of heirs and take back an annuity representing the current value of that stock plus a government-specified interest rate, currently 1%.

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Current low interest rates and depressed asset values also make the charitable lead annuity trust especially appealing for some people.

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If you decide to purchase an annuity then you should remember that you can purchase your annuity from any company on the market and not just the company that your current pension fund is with, so again you may need to take advice to help seek out the best rates.

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Another reason may be that buying a pension annuity with the workplace pension fund built up over past decades is looking particularly unattractive at current rates.

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