The retirement prospects of millions of over-50s rely on downsizing, an inheritance or a lottery win, according to new research.

Aviva has agreed to acquire Irish insurer Friends First Life Assurance Company (Friends First) for €130m (£116m).

Aviva has acquired a majority shareholding in Cardiff-based robo-adviser Wealthify Group, which was set up in 2016 by a tech entrepreneur and a Chartered Wealth Manager.

Aviva has launched the 2017 Aviva Community Fund which offers financial advisers a chance to win up to £25,000 for ‘inspiration’ local causes in their community.