In the last two years annuity rates have risen by more than half, according to Canada Life, giving a 65-year-old with a £100,000 annuity an extra £2,500 a year.

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. 

Nearly a third (32%) of over-55s have deferred their retirement plans since the Coronavirus pandemic began in early 2020.

Auo-enrolment pension provider Nest has joined the Association of British Insurers (ABI), the major trade body for the insurance and long-term savings sector.