The number of searches for annuities has been highest since the end of September when annuity rates topped 6.44%, according to analysis of data from Google by Standard Life.

Analysis of Google Trends data provides an insight on the relative volume of searches on any term.

At the start of this year, the annuity rate for a healthy 65-year-old, based on a typical postcode, was 4.66%. This had steadily risen to 7.04% by the second week of October.

According to separate data from Canada Life, annuity rates hit a 14-year high and increased by 52% in the first nine months of this year.

Claire Altman, managing director for individual retirement solutions at Standard Life, said advisers had the opportunity to ensure that pension savers were aware of the different options available to them when it comes to their retirement income.

She said: “The rise in annuity rates has clearly not gone unnoticed by those considering their retirement income options. Rates have been on a steady upward trend since the start of this year and at the levels we’re seeing now, we expect growing numbers of people to buy a guarantee on some or all of their retirement income.

“In the current climate, against a backdrop of rising inflation and a cost of living crisis, the benefits and value of a secure income to consumers are very attractive.

“We know that people still value flexibility when it comes to managing their retirement income, and if people annuitise in stages, leaving a portion of their income in drawdown, they get the best of both worlds. This ensures people still benefit from the potential of investment growth, but are secure in the knowledge that a portion of their income is guaranteed.”

Standard Life analysed Google Trends data in October, comparing searches on the word “annuity” since January.