Annuity sales plunge 40% after pensions 'seismic shift'

IRESS analysed data from more than 150,000 advised annuity cases and discovered demand for single life annuity products dropped by just under 5% in June compared to May. In total, it said, 43.8% fewer products were sold than in June 2013, and 58% less than at the start of this year. However, the firm added while overall sales have dropped retirement incomes have increased. The average single life annuity secured an income of £3,552 per year in June, up by 3.7% from £3,426 in May. This is the highest in at least a year, and compares to £2,942 in June 2013, said IRESS. It said the upti...