Annuity payouts slumped by 11.5 per cent last year, their biggest fall since 1998. Rates have now fallen in 15 of the past 18 years and the average annual annuity income is less than half what it was in 1994, according to Moneyfacts.

Annuity payouts slumped by 11.5 per cent last year, their biggest fall since 1998. Rates have now fallen in 15 out of the past 18 years and the average annual annuity income is less than half what it was in 1994, according to Moneyfacts.

The safety of bonds took a hit 12 months ago. But they have proved an essential part of investors' plans

The deficit in UK pension schemes hit a record high of £312.1bn in May, the Pension Protection Fund (PPF) reported yesterday.

The deficit in UK pension schemes hit a record high of £312.1bn in May, the Pension Protection Fund (PPF) reported yesterday.

A dramatic winner from Fernando Llorente with two minutes to go sent Athletic Bilbao through to the Europa League final, where they will face fellow Spanish side Atletico Madrid.

On American Independence Day next month, Kumar Sangakkara will deliver the Cowdrey Spirit of Cricket Lecture at Lord's. It will be full of wit and wisdom, aperçus and aphorisms because Sangakkara is a clever, articulate and thoughtful chap.

A couple not unconnected with a certain "cash for questions" scandal caught the eye amongst the first-night guests at Lindsay Posner's revival of An Ideal Husband. Securing their presence was a mischievous touch, for political sleaze is the perennially topical subject of Wilde's play. Its protagonist, Sir Robert Chiltern, owes his high-flying career to having sold a Cabinet secret in his ambitious youth. He faces ruin and the collapse of his marriage to the idealistic Lady Chiltern when the blackmailing Mrs Cheveley descends on London.

The liabilities faced by defined benefit pension schemes soared to a record high during August as market conditions continued to deteriorate, according to Aon Consulting.

Research published by the Bank of England suggests the Bank's policy of quantitative easing – the direct injection of money into the economy – reduced interest rates by about 1 percentage point.