Annuity rates have risen by 35% over the past year to hit their highest point in a decade, according to a new report.

Annuity rates have hit their highest point in eight years, with a further surge in annuity income expected if the Bank of England raises interest rates today, according to a new report.

The ideal retirement income is £22,500 per annum, according to new consumer research.

Annuity rates could rise by 14% if the Bank of England continues to raise the base rate.