People are putting bigger amounts of cash into retirement annuities – with the average annuity passing £80,000 for the first time and sales of annuities for over £250,000 and £500,000 having jumped, according to the Association of British Insurers (ABI).
Annuities allow people to covert pension savings into a guaranteed fixed income when they retire, giving people certainty over the amount of money they will have to live on.
