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flag UK annuity sales spiked 20% to £7 billion in 2024 as savers rush to avoid future pension taxes.

flag In 2024, UK annuity sales surged by 20%, totaling £7 billion, driven by fears over proposed inheritance taxes on pensions starting in 2027. flag Annuities, which convert pension funds into a steady income, are being used by wealthier savers to access their pensions earlier and avoid future tax increases. flag The Chancellor is still working on the tax implications of this change.

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