Single pensioners need £257,000 more than couples to achieve a comfortable living standard in retirement, according to analysis by Standard Life, part of the Phoenix Group.

Annuity and retirement specialist Just Group has reported a 154% jump in first-half profits boosted by bumper annuity sales and higher new business income.

Legal & General said its operating profit for the first half of the year was £941m, boosted by its bulk annuity business.

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.