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Analysis of Government figures by pension and investment firm Aegon has found there are 840,000 retired couples in the UK who have a weekly income which would cost more than £1.15m if bought as an annuity.
SIPPs remain a top three pension product recommended by financial advisers, according to a new survey by Defaqto.
New research from wealth management and Financial Planning group Tilney has revealed that most people remain in the dark about what to do with their pensions on retirement but most still want the ‘certainty’ of an annuity-style income.
Firms are now obliged to inform consumers how much they could gain from shopping around for annuities under new rules which take effect this week.
The Canada Life Group has completed its acquisition of rival provider Retirement Advantage, a provider of annuities, equity release and other retirement products.
Nearly half of Pension Freedom users say they fear running out of cash in retirement, according to new consumer research from SIPP and platform provider AJ Bell.

The Financial Conduct Authority has identified a number of pension areas where ‘intervention’ may be necessary following the introduction of the pension freedoms in April 2015.
Advisers will be asked to tell clients that the annuity they are being recommended may not produce the best annual income if the firm lacks details of all market rates.
The former Pensions Minister has attacked the Government's decision to abandon a “potential lifesaver” for thousands of people.
Annuities may become the most popular option for retirees if Britain exits the European Union in June, the founder of eValue believes.
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