Annuity rates have hit their highest point in eight years, with a further surge in annuity income expected if the Bank of England raises interest rates today, according to a new report.

More than 32,000 pension savers have received £135m in compensation from providers who failed to inform them about enhanced annuity options, the FCA has revealed in its Annual Report and Accounts.

The average pension fund increased 13.3% in the second quarter of this year, the strongest quarterly performance since Q3 2009, according to new data.

We all know that annuity sales have been in decline for some time with the rise in popularity of drawdown under the Pension Freedoms and the poor value they are perceived to offer.

Pensions drawdown investors have seen positive growth in four out of the five years since the Pension Freedoms arrived in 2015, according to a new study.

The Financial Conduct Authority has today fined The Prudential Assurance Company Limited £23.875m for failures relating to non-advised sales of annuities.

The FCA's latest Retirement Income study, published today, has revealed that nearly half of pension savers have accessed their pension pots in the past year without taking regulated advice or guidance.