The Pensions Regulator has warned savers looking to transfer their pension pot during the Covid-19 outbreak that the move is “unlikely” to be in their best long term interests.

The total cost of the Coronavirus outbreak to British insurers is likely to total £1.2bn, according to initial estimates by the insurers’ trade body the Association of British Insurers.

The Treasury has relaxed pension tax rules to allow more retired key workers, such as police officers, to return to duties to help tackle the impact of the Coronavirus outbreak.

Platform and SIPP provider AJ Bell has reported client numbers up 22% to 262,179 over the past 12 months.