Is 70 per cent a realistic figure, though? Should that high a proportion qualify for enhanced rates? Mr Lowe is unsure, saying that 60 per cent feels about right, although he thinks an uplift in retirement income of around 10 per cent will probably be more typical than the headline-grabbing 40 per cent increases that are often quoted.

Enhanced annuities have long been decried as a neglected area of the at-retirement market. However, slowly but surely, underwritten annuities are enjoying increasing popularity and should soon dominate the market.

The arrival of the gender directive at the end of this year will accelerate this domination. The increased uniformity of standardised annuity rates will underline the benefits of personalised deals. Providers will likely be forced to offer underwritten annuities or leave the market.