Former work and pensions committee chairman Frank Field has been recognised for his “lifetime of public service” in the Queen’s New Year Honours list.

Three pensions and investments professionals have been nominated for lifelong peerages and are likely to join the House of Lords this year.

MPs on the influential Work and Pensions Committee have urged the FCA and government to do much more to tackle pension scams and improve cost transparency on pensions.

Work and Pensions Secretary Amber Rudd has won praise over plans to jail bosses who endanger company pensions.