Advisers see uptick in discussions on annuities alongside rate rises

Last year was record-breaking in terms of annuity rates, which saw a 44% increase in average benchmark rates between 1 January and 1 December, hitting a 14-year high in October 2022, according to research from Canada Life. It found that the rate for a £100,000 purchase price for a healthy single life with a ten-year guarantee was almost 4% for a 60-year-old at the beginning of 2022. By the start of December, it had reached 5.9%. Similarly, for a 65-year-old with the same profile it rose from 4.5% to 6.6% and for a 70-year-old it rose from 5.25% to 7.2%. Earlier this month, analysis by...