Leading retirement providers have joined forces to launch the UK’s first National Annuity Day, which will take place on 21 October 2025.

The initiative, led by Pension Potential, part of Punter Southall Group, is backed by Aviva, Legal & General (L&G) and Standard Life, and aims to raise awareness of annuities and their role in providing guaranteed, lifelong income at a time when many retirees are concerned about outliving their savings.

Once seen as outdated following the introduction of pension freedoms, annuities have seen a strong resurgence in recent years.

According to the Association of British Insurers (ABI), annuity sales reached £7bn in 2024, up 34 per cent from 2023.

Rising interest rates and gilt yields, improved flexibility of products, and increased demand for stability amid market volatility have all helped fuel this renewed interest.

National Annuity Day has been created to highlight these developments, dispel myths around inflexibility, and educate consumers about how annuities can form part of a secure retirement strategy.

A dedicated website has also been launched with resources to help individuals understand annuity options, check current rates, and plan their retirement income more effectively.

Pension Potential CEO, Steve Butler, said the initiative is designed to tackle one of the biggest fears people face when approaching retirement - that their money will not last a lifetime.

He commented: “People need clear, reliable information to make informed choices about their retirement income.

“National Annuity Day brings the industry together to address this challenge, helping consumers understand the role annuities can play in providing security and peace of mind.

“By working collectively, we can support people to make better decisions and feel confident about their financial future,” Butler added.

The timely announcement comes at the end of Pensions Awareness Week, a national campaign designed to boost understanding of pensions and encourage people to take control of their retirement planning.

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