Annuity rates fall below 6pc for first time

A typical couple buying an income for life with a £100,000 pension pot would have received £6,080 in April, according to annuity specialist Billy Burrows of Burrows. But just two months later, the income they would receive has fallen to £5,860, the Telegraph reports. "This is the first time rates have fallen below 6pc in the 20 years I have seen records for, and possibly longer," Burrows said. Insurers that have cut annuity rates include Prudential, Legal & General, Standard Life, Aegon and Canada Life, the paper reports. Burrows said there were three main reasons behind the reduce...