New figures published today by HMRC have revealed that inheritance tax receipts for 2023/24 climbed £400m to a new record £7.5bn.

A 65-year-old with a £100,000 pension could earn up to £7,430 per year from an annuity, the highest since last October, according to data from Hargreaves Lansdown.

Canada Life has reported record sales of individual annuities in 2023 of £1.2bn, up 121% on 2022.

Canada Life has this morning closed its onshore bond and personal pension plan to new business with immediate effect after the company decided it could no longer be competitive in the areas.