Payouts on 25-year endowment policies have dropped below £23,000 for the first time, with the return for saving £50 a month so low savers would have done better in cash.
The figures were in data given to the FSA by Phoenix Group, which runs down old with-profits funds at minimum cost, the Daily Mail reports.
At their height, endowments paid out over £100,000 on a similar level of savings.
But this year National Provident Life, owned by Phoenix, will pay £22,918 - an annual return of just 3.2 %. The average savings account would have given 3.4 % over the same period.
Other results from Phoenix Group include £23,195 from a similar policy with Crusader and £24,451 from Life Association of Scotland.
Savers who originally took out a policy with Scottish Mutual or Scottish Provident have done better at £32,348 and £32,985. Royal Life managed £33,642 and Britannic £33,077.
These returns are better than those produced by Standard Life (£28,900) and Scottish Widows (£27,184) whose funds are still open.
Other funds run by Phoenix include Phoenix and London (£25,533), Britannia Life (£25,401) and London Life (£29,071).
Plans 9,000 cuts by end of 2017
Funds under management fall
Set for January 2018 introduction
The firms merged in February
Mix of investments held in decumulation products also of interest to watchdog