More than 1m mortgages taken out in the past three years extend beyond the borrower’s state pension age, prompting fears that young home buyers are gambling with their retirement income.

Too many unanswered questions on the Lifetime Allowance axe are causing disruption for retirees, according to a new report from pension consultants LCP.

Pensions consultancy LCP is calling for a ‘magnetic pensions’ strategy to help tackle a leap in small pension pots, estimated to be increasing at 2m a year.

The Government is threatening to remove the ability to inherit an untouched pension pot tax free into a drawdown account if the deceased is under 75.