Enhanced annuity sales rise as standard rates hit rock bottom - report

The report analysed data from more than 150,000 advised annuity cases. It found the average standard single life annuity rate had fallen from 4.89% to 4.86% in the last month. The rate is down 56 bps on the average rate a year ago (5.42%). IRESS said this is the lowest average rate since at least June 2013. The figures echo statistics released last week by Moneyfacts which pointed to falling consumer demand due to pensions freedom and choice as well as falling gilt yields. However, the proportion of enhanced annuities sold in the last quarter increased to 35% compared to 30% in ...