Post-pension freedoms record for annuity sales set last year, says ABI

Sales of retirement annuities reached a post-pension freedoms high last year, according to the Association of British Insurers (ABI).

Annuity sales soared in 2023 with a total sales value of £5.2 billion, a 46% increase compared with 2022, the association said.

This is the highest annual value since 2014, when the pension freedoms were announced which granted retirees more flexibility over how to access their retirement savings.

The freedoms, which came into force from 2015, gave over-55s a range of options over how to use their defined contribution (DC) pension pot. Generally, people can take up