Former Labour minister and lifelong pensions and anti-poverty campaigner Frank Field, Lord Field of Birkenhead, has died at 81 after a long battle against prostate cancer.

Former work and pensions committee chairman Frank Field has been recognised for his “lifetime of public service” in the Queen’s New Year Honours list.

Three pensions and investments professionals have been nominated for lifelong peerages and are likely to join the House of Lords this year.

MPs on the influential Work and Pensions Committee have urged the FCA and government to do much more to tackle pension scams and improve cost transparency on pensions.