Essex boasts biggest annuity pots: Partnership

This is followed by closely by Surrey at £123,788 and Hertfordshire at £123,788, with these pots being significantly higher than those at the other end of the scale in Shropshire at £44,336 and Northumberland at £53,538 and South Yorkshire at £56,736.

Research and analysis among almost 2,500 Partnership customers also suggested those in Tyne and Wear are the most ‘typical’ enhanced annuitants with an overall pot of £90,033 derived from two pension funds and taking a tax-free lump sum of £21,950.

Those in London and the south east boasted the biggest single pots at £110,775 and £101,972 respectively on a national basis.

This was almost £43,000 more than people in Northern Ireland at £67,866.

Andrew Megson, managing director of retirement at Partnership, said the figures were more than those recorded by the Association of British Insurers at £55,600 since they reflect customers who have used an intermediary and chosen to purchase an annuity on the open market.

He said: “These figures reveal that a fairly concentrated part of Southern England [Essex, Surrey, Hertfordshire and East Sussex] boasts the largest pension pots in the UK, more than double the amount saved by those in Shropshire.

“Intermediated sales tend to be larger than average as these retirees are prepared to pay for financial advice but it does raise concerns as it suggests that they may have access to better outcomes.

“Irrespective of the size of your pot, it is vital to make sure that you receive the most income you can from your retirement savings. An annuity can provide a guaranteed income to cover the basics so you can have more freedom to enjoy the rest of your savings but you need to find the best option for you.

“A 65-year-old man with a pot of £125,478 who had common conditions such as high blood pressure, obesity and diabetes could receive £1,050 or 14 per cent more per year by shopping around so it is worth speaking to an adviser.”

ruth.gillbe@ft.com