In the last two years annuity rates have risen by more than half, according to Canada Life, giving a 65-year-old with a £100,000 annuity an extra £2,500 a year.

The top open market annuity could pay £662 more a year over a typical 20-year period than the worst-paying, according to Canada Life.

The Capital Gains Tax (CGT) collected from trusts has grown by 27% to £1bn over the past year, according to data released by HMRC this month.

New research has revealed that 13% of adults currently employed plan never to give up work.