Insurance industry veteran John Hastings-Bass will replace founding chairman Chris Gibson-Smith at retirement specialist Just Group.

A nudge from a pension provider drove three times as many savers to seek financial guidance during research by the Money and Pensions Service.

Record numbers of pensioners are reaching the age of 55 and becoming eligible to take their pensions but too many will be left to make complex and far-reaching decisions on their own and will be vulnerable to scams, according Just Group.

Nearly half (47%) of 55 to 64-year-olds are unaware that deferring the State Pension can boost their retirement income significantly when they start to claim their pension benefits.