Related topic: Pensions

The industry was cautiously optimistic about the announcement, but said the 'devil will be in the detail' of how it will hold its value relative to earnings over time.

The proposed reform would change how the state pension is uprated from 2030 while maintaining protection against inflation.

Around a third of a million pensions are being withdrawn at rates of 8% or higher.

Women aged 55-59 have approximately half (54%) the pension wealth of men of the same age.

Digital tools are playing a growing role in pre-retirement decision-making, with half of near-retirees turning to provider apps and websites.

Most UK adults have lost track of at least some of their pension savings, with engagement high but understanding of retirement adequacy a significant gap, Aegon finds.

Thomas earned more than £173,000 in fees for providing unauthorised advice.

Those paying at 40% or 45% has risen from just under half a million in 2021/22 to over a million in 2026/27.

The issue relates to the two different ways in which pension tax relief is paid, but industry experts have warned there is a real risk of huge non take-up.

Millions are at risk of retirement shortfall as the UK fails to join up housing and pension policy, the Society of Pension Professionals says.