Annuity premiums have hit their highest level since 2015, as their sales surged 22 per cent.
Annuity premiums for the first quarter of this year rose to £1.2bn, according to the Association of British Insurers.
There was also a rise in the number of people switching provider, with 100,000 people purchasing an annuity from a different provider to their current pension savings provider, making up 64 per cent of sales.This is a 9 percentage point rise on the same period last year.Overall, 16,256 annuities were bought in the first quarter of this year, slightly lower than the record 17,252 sold between […]
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