Canada Life has reported doubled annuity sales compared to last year, according to its UK half year financial results.

Half of UK adults have or know someone who has experienced a financial scam attempt in the last 12 months, according to new research from Canada Life.

Despite the significant improvement in annuity rates over the past 18 months, only 14% of 50+ year olds who are at least fairly familiar with annuities consider them to currently offer a good rate.

The break-even point for retirees to get their money back from an annuity investment has fallen by five years as rates rise, according to Canada Life.