Annuities

Rates continue to remain ‘well above’ historic low levels

Redress has ranged between £100,000 and £150,000 since 2018

Retirees using annuities has dropped from 19% last year to 17% this year

Made to meet the ‘increasing desire’ for guaranteed income in retirement

Rate rises mean people can secure a higher retirement income

The firm's half-year results found that sales of annuities surged by 100%

When compared to annuity and drawdown options

The best-worst annuity gap is 16% at age 75, higher than other age groups

This highlights a ‘huge' problem likely to be costing retirees thousands

The FCA has tightened transfer rules significantly in recent years