A 65-year-old with a £100,000 pension could earn up to £7,430 per year from an annuity, the highest since last October, according to data from Hargreaves Lansdown.

One of the UK’s major annuity comparison services has reported a 60% surge in adviser annuity quotes in 2023 compared to 2022.

Canada Life has reported record sales of individual annuities in 2023 of £1.2bn, up 121% on 2022.

The annuity market is buoyant as the Bank of England’s rate pause has encouraged people to take the plunge, according to platform and investment provider Hargreaves Lansdown.