Average annuity rates climbed to 7.25% for a 65-year-old in September, up from 7.11% in June, according to the Standard Life Annuity Rate Tracker.

M&G Wealth has expanded its adviser network to more than 500 people, according to the asset manager’s financial results for the first half of this year published today.

Standard Life has re-entered the annuity market as annuity rates rise and demand for annuities surges.

People who were ill-advised to transfer out of their DB pension are now likely to be due significantly less compensation, according to actuaries and financial services consultancy OAC.