The war in the Middle East has had an unexpected consequence for British retirees – it has made annuities worth buying again. Annuities offer you a guaranteed income in retirement in return for you handing over a lump sum from your pension pot. This year annuity rates have been climbing as the war in the Middle East has resulted in a spike in gilt yields . Gilts are government bonds which insurance companies tend to buy to fund the income they pay on annuities. So, when gilt yields rise so do annuity rates. Annuity rates represent the return you will get on your investment. The rate you get is set when you buy your annuity – so buy when rates are high and you could enjoy the benefits for decades. When is an annuity worthwhile? “The key benefit of an annuity is that they offer a guaranteed income for as long as you live,” says Helen Morrissey, head of retirement analysis at Hargreaves Lansdown.…