Savings and retirement provider Phoenix Wealth is to cap charges on some of its pension products from March.

Falling life expectancy could help 20m pension savers avoid the threat of an increasing State Pension Age, according to actuarial pensions consultancy LCP.

Picture the scene: a moderately busy suburban branch of a High Street bank in early 2015. A motor cycle courier arrives. He is carrying a large bin bag full of cash, the wads carefully wrapped.

The Pension Freedoms were introduced in 2015 by Chancellor George Osborne and were hailed, at the time, as a “pensions revolution” and the biggest changes to pensions in a century.