There’s been a 10% growth in annuities quotes this year, according to pensions technology provider iPipeline.

The firm said it recorded the highest number of annuities comparisons ever run on its portal during the first half of this year.

It’s been monitoring comparison activity since 2013 and said this year’s figures were double the volume recorded in 2015.

The firm claimed its annuities portal accounts for 25% of all quotes in the UK retirement market. It said annuities activity has risen steadily every year since 2020.

Paul Yates, product strategy director at iPipeline, said: “Annuities remain in high demand, even as interest rates have fallen. This resilience is likely driven by expectations of further rate cuts, prompting consumers to secure current rates, a growing number of retirees reassessing their income strategies, and increased recognition of annuities as a reliable way to protect against market volatility and longevity risk.”

He said a retirement review report published in May highlighted a knowledge gap - with 20% of consumers claiming they had never heard of annuities. “Yet, over 37% of respondents were positive about the value annuities offer.”

The company has added three new annuity partners to its e-apply platform. M&G and Aviva have joined Standard Life on e-apply, with Scottish Widows set to follow in September.

E-apply was launched in April with Standard Life as its launch partner. It is part of the iPipeline adviser Assureweb Annuities portal. It provides advisers with a digital application journey, allowing them to complete the annuity application process online.