The average annual income from a standard annuity has fallen to a record low within three weeks of a major overhaul of the pension system.
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The popularity of annuities - bought from a pension pot and guaranteeing a fixed, regular income for life - fell after the the shake-up was announced. Since 6 April, retirees have been able to do what they wish with their pension pot, but it may be taxed. Financial data service Moneyfacts said new retirees would be hit by low rates.
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