New research has revealed that nearly 3 in 10 people who have taken money out of pensions since the freedoms have stashed the money in a savings account.

Bosses who have jeopardised defined benefit pension schemes could be fined retrospectively, Secretary of State Esther McVey has announced.

Government measures to protect members of defined benefit pension schemes have been branded a ‘damp squib’. 

The FCA has found that less than 50% of pension transfer advice it reviewed in a sample survey was suitable and it is to undertake further work to assess the problems against a backdrop of a surging pension transfer market.