The average value of an annuity has soared 160% since 2021, according to newly-published client data from investment provider Hargreaves Lansdown.

Annuity rates have reached 7.72% for a healthy 65-year-old, up 64% since July 2020 when rates stood at just 4.71%.

Retirement provider Standard Life, part of Phoenix Group, has reported a business boost from the growing popularity of annuities.

There was a record high in demand for annuities from advisers in the first half of the year, according to figures published today by pensions technology provider iPipeline.