Income from an average standard level without guarantee annuity has fallen by 5.5 per cent since the beginning of 2019 to a rate of £457.79.
This was based on income for a 65-year old with a £10,000 pension pot. At the higher purchase price of £50,000, the average standard annuity income fell by 3.8 per cent.
This latest fall means that annuity income is on track for it largest annual decrease since 2014, when the pension freedom reforms were announced.
The only period in which annuity rates have been lower was during the four months between August 2016 and December 2016 immediately following the EU referendum result. In September of that year they hit their lowest point at £443.95.
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