The number of pensions being fully withdrawn has risen 5.1% in 2019/20 but the number of people taking regulated advice when entering drawdown has fallen by 10% in the first half of the year, according to the FCA’s Retirement Income Market data bulletin.

The new name and brand has been unveiled for the company formed by the merger of Just Retirement Group and Partnership Assurance.

Just Retirement says the growing number of over-40s suffering a “mid-life pensions crisis” should seek help from a professional financial adviser.

The business sales of Just Retirement sunk by nearly £50m in the three months before it merged with Partnership, it was revealed this morning.