Half (49%) of retirees entered retirement without any clear financial plan for their post-work years, according to a new report.

Annuity and retirement specialist Just Group has reported a 154% jump in first-half profits boosted by bumper annuity sales and higher new business income.

Just 17% of pension ‘dippers’ - savers who 'dipped' into their Defined Contribution (DC) scheme to release cash - used the government’s Pension Wise personal finance guidance service.

The latest FCA product sales data has revealed that fewer retirees are taking regulated advice before switching their pension pot into income drawdown and guaranteed income for life solutions.