Half of adults expect to work to at least the State Pension age, currently 66, but half of under 50s believe there probably will no longer be a State Pension by the time they retire, according to a think tank’s research.

Phoenix Group, owner of Standard Life and Sun Life, has reserved £70m for the potential impact of Consumer Duty legacy product costs, it revealed in its annual results today.

The World Economic Foundation has projected that average retirement ages in OECD countries, including the UK, will need to increase by an estimated 8.4 years by 2050 to maintain the current balance between working-age and non-working-age populations.

A quarter of young people aged 18-24 years are unaware of auto-enrolment, despite new proposals being published that will extend the scheme to 18-year-olds.