Only an average of 123,000 people per year have made Class 3 National Insurance Contributions (NICs) which allow them to fill historic gaps in their NI records and receive a higher state pension over the last five years.

More than half of people who have some financial responsibility for others (57%) have failed to write a will.

Wealth manager Quilter has reported a fall in assets under management and net inflows in its fourth quarter, but bosses said the firm ended the year on “a solid note.”

Inheritance tax receipts for the current tax year to-date have reached a record £5.3bn, according to the latest figures published by HMRC.