Income levels of annuities are on track for their biggest ever annual fall, according to figures published by comparison site Moneyfacts.

Based on a benchmark annuity - standard level without guarantee - the average income for a 65-year-old has fallen by 14.8% on a £10,000 purchase price and by 15% on a £50,000 purchase price so far during 2016.
These figures "easily surpass" the previous highest income fall of 11.5% recorded in 2012, said the firm.
Although there are more than three months of the year remaining, Moneyfacts predicts recovery in rates will be unlikely.
Richard Eagling, head of pensions at Moneyfacts, described 2016 as a "truly awful year" for annuities, with rates falling to "all-time lows".
"This is particularly disappointing as the stock market volatility that we are experiencing has re-emphasised the importance of a secure lifetime income for many retirees," he said.
"Unfortunately, record low gilt yields following the EU referendum result, the impact of Solvency II legislation and a significant weakening of competition in the annuity market have all exerted considerable downward pressure on annuity rates during 2016."
Average annual change in income since 2006
Figures based on a 65-year-old man purchasing a standard level of annuity without guarantee:
2006: 1.3%
2007: 4.4%
2008: -2.2%
2009: -8.7%
2010: -2.7%
2011: -8.4%
2012: -11.5%
2013: 9.1%
2014: -5.7%
2015: -3.1%
2016: -14.8%