Annuity rates at record lows: wiping thousands off annual incomes

We're oblivious to annuity rates for the vast majority of our lives. They are dull sounding things invented by insurance companies that for most of the time have absolutely no effect on us.

However, the day you take your pension they will come to dominate your life, and make a massive difference to your quality of life for decades.

So for those retiring right now there is devastating news because annuity rates have fallen to their lowest levels ever. But what should you do?