Record-breaking year for annuities as larger pots drive £7.4bn sales

Latest figures from the Association of British Insurers (ABI) said there had been an overall rise in value despite a dip in the number of annuities sold, which was down 2% year on year to 87,600. It said this pointed to retirees annuitising larger pension pots. The ABI said sales of annuity contracts worth more than £250,000 were up 31% last year while sales of £500,000 annuities increased by 54%. The sales figures were the highest since 2014 when pensions freedom was first announced. The policy shift removed the need for compulsory annuitisation and opened up the market for drawdown ...