An interest rate increase tomorrow (Thurs) could boost annuity incomes further, despite rates already being 19% higher than this time last year.

Advisers are more frequently recommending onshore open-architecture bonds, annuities and more sophisticated investment products.

Nearly one million people are considering annuities for the first time as a result of rising annuity rates, according to a new prediction.

Annuity rates have soared in 2022 as gilt yields rose and competitors vied for market position.