Annuities in biggest fall since 1998

Jess Bown
Old lady's hands
Old lady's hands

The average annual income generated by a standard annuity for a 65-year old man fell by a massive 11.5% during 2012, new research from Moneyfacts shows.

According to its figures, this is the biggest annual fall since 1998, when pensioners suffered as typical annuity incomes tumbled fell by 13.7%.%VIRTUAL-SkimlinksPromo%