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%.

Average annuity rates for a healthy 65-year-old have increased by around 2.5% since January, according to the latest Standard Life Annuity Rate Tracker.