Total annuity sales reached £7bn in 2004, an increase of 34% year-on-year, according to latest data from the Association of British Insurers (ABI).
Some 89,600 annuity contracts were written in 2024 surpassing last year's total and reaching a new ten-year high, the body said. The ABI's data also showed more annuity purchases occurred after taking financial advice in 2024, with 36% of buyers taking advice beforehand compared to 29% in 2023. In addition, more people shopped around for their annuity contract - 69% of buyers moved away from their pension provider at the point of purchase. This was up from 64% in 2023, the ABI said. The number of people buying joint life annuities, that provide for a dependant, enhanced annuities b...
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