The average conventional and enhanced annuity rates fell by 7% and 5%, respectively, in the last three months, according to research by MGM Advantage.
The MGM Advantage annuity index, which tracks income paid on convential and enhanced rates on a quarterly basis, found that this decrease is the highest quarterly fall since the index was launched in 2009.
It also found that there was a 20% drop in average annuity rates between August 2009 and September 2012.
Aston Goodey, distribution and marketing director at MGM Advantage, said: “Annuity rates are in free fall, largely driven by record low gilt yields.
“Annuity providers have yet to fully price in the effects of Solvency II or the EU gender directive, so we expect further falls over the coming months, unless we see a significant upward movement in gilt yields.”
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