Annual retirement income from annuities has fallen by 73% over the past 15 years according to research.
Research by consumer website Moneyfacts.co.uk, based on an individual saving £100 per month into the pension over 20 years, showed that a pension fund with a September 2000 maturity date would have a value of £89,366, an average annuity rate of £867 per £10,000 and an annual retirement income of £7,748.
However a pension fund with a September 2015 maturity date would have a value of £42,440, an annuity rate of £497 per £10,000 and an annual retirement income of £2,109. Read more at New Model Advisor