Four out of five people aged 55 or over are charting their own path to retirement and turning their backs on guidance and advice, according to new research.

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.