Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Annuity incomes have remained robust this year, with incomes hovering close to all-time highs.
“The latest data from HL’s annuity search portal shows a 65-year-old with £100,000 can get up to £7,661 per year from a single life level annuity with a five-year guarantee.
“Incomes have drifted down slightly in recent months, and a rate cut in December could see them come down a bit further, but annuities remain good value, and we expect interest to remain strong.
“However, it’s important to search across the market to get the best option for you.
“Once bought an annuity cannot be unwound so you need to ensure that you not only get the best rate but also the right type of annuity to meet your circumstances.”
Contact details are available to account holders.
Create a free account to get in touch with this expert.