More than 5m people have fallen victim to a financial scam since the Covid-19 pandemic or know someone who has.

A Freedom of Information request submitted by Canada Life has revealed that over 14,000 people opted to stop receiving their State Pension in the 2018/19 tax year.

One in 3 over 55s with a private pensions have more than one pension pot but this group are the least likely to consider consolidating multiple pensions, according to new research.

New figures published today by HMRC show that a total of £30bn has been withdrawn ‘flexibly’ from pensions, taking advantage of the new ‘pension freedoms’ introduced in 2015.