Women in drawdown face a 37% shortfall in their annual retirement income compared to men, leaving them more than £47,000 worse off, according to new research from Zurich UK.

Experts have slammed today’s recommendations of the Parliamentary Work and Pensions Committee.

In the final report of its inquiry into Pension freedom and choice published today, the Work and Pensions Committee has called for a package of measures to create better informed, more engaged pensions savers, and a “default decumulation pathway” to protect the less engaged.

Experts have reacted to concerns in an FCA report, which warned those who choose to take pensions drawdown without advice risk financial “harm”.