Almost half of over 50s don’t know that annuities come in many forms and with various options, according to research from Standard Life, part of Phoenix Group.

Chancellor Jeremy Hunt’s National Insurance (NI) cuts, which come into effect on Saturday, could hit the future funding of the state pension and current triple lock.

A major new study has found that a quarter of people (24%) are in the dark about the age they will receive their State Pension - including 10% of those aged 55 to 64.

The DB Pensions Transfer Value Index compiled by XPS Pensions increased by 2.6% during November to £156,000, the biggest increase seen since March.