New figures from the FCA published today have revealed that the total number of pension plans accessed for the first time rose by 8.6% to 961,575 compared to 885,455 in 2023/24.

Unless there is a big surge in inflation in the next two months, the state pension will rise by 4.7% next April.

The restricted remit of the new Pensions Commission will limit its ability to deal with the scale of the problem, according to LCP partner and former Pensions Minister Steve Webb.

Pension providers have been urged to find out more about post-retirement spending as new research suggests homeowners’ and renters’ drawdown habits are very different.

HMRC is to reform the much-criticised system it uses to apply emergency tax codes to pension lump sum withdrawals.

The Parliamentary Ombudsman has launched an investigation into State Pension underpayments to tens of thousands of married women.

Chancellor Rachel Reeves is likely to take a close look at pension tax relief as she looks at ways to raise money for the Treasury in her first Budget next month, consultants LCP have warned.