One of the UK’s major annuity comparison services has reported a 60% surge in adviser annuity quotes in 2023 compared to 2022.

Canada Life has reported record sales of individual annuities in 2023 of £1.2bn, up 121% on 2022.

The annuity market is buoyant as the Bank of England’s rate pause has encouraged people to take the plunge, according to platform and investment provider Hargreaves Lansdown.

Annuity sales soared 46% in 2023 to £5.2bn but only a minority of people took advice before buying one, according to ABI data out today.