Securing a reliable retirement income is a primary concern for many pension savers. Converting a pension pot into an annuity provides a guaranteed income for the rest of one’s life. This makes the choice of provider and the locked-in rate critically important. The market for these products has seen significant change. Rates reached a 14-year high in 2022. As of January 2026, the average annuity rate stands at 6.92%. Once purchased, the annuity rate is fixed for good. This decision cannot be altered later, shaping your financial security for decades.…
Read MoreHow to Shop Around for the Best Annuity Rates in the UK Market
