A call by Aviva’s chief executive Andy Briggs to ban contingent charging has been criticised as “too heavy handed” by an expert.

Two years on from the introduction of Pension Freedoms, a new report finds many SME owners have unrealistic expectations of how much their pensions and businesses will contribute to their retirement, writes Clifton Asset Management’s Anthony Carty.

Business owners aged over 55 have cashed in around £400million of their pensions to fund new ventures since the freedoms took effect, an asset manager has estimated.