Half of UK adults have or know someone who has experienced a financial scam attempt in the last 12 months, according to new research from Canada Life.

Despite the significant improvement in annuity rates over the past 18 months, only 14% of 50+ year olds who are at least fairly familiar with annuities consider them to currently offer a good rate.

The break-even point for retirees to get their money back from an annuity investment has fallen by five years as rates rise, according to Canada Life.

People aged 50 and over on average believe they will live until around 80 despite official figures suggesting they will live for several years longer.