Average annuity rates continue to rise during third quarter

Rates continue to remain ‘well above’ historic low levels

Isabel Baxter
clock • 3 min read

Average annuity rates continued to rise in the third quarter of 2023, according to the Standard Life annuity rate tracker.

The tracker, developed by Standard Life, part of Phoenix Group, monitors current average annuity rates across the market for those annuitising at ages 60, 65, and 70. It also shows the total lifetime income from an annuity and the extent to which annuity rates improve with age. The most recent tracker showed that rates for a healthy 65-year-old reached 7.25% in September 2023 compared to 7.11% in June. This means that a 65-year-old looking to buy an annuity in recent weeks could expect to receive an annual income of £7,248 based on a £100,000 pension pot. Over the course of a someone'...

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