More than 3m pensioners keep all of their ISA savings in cash, a Freedom of Information request has revealed.

MPs on the Public Accounts Committee have attacked the “shameful shambles” which led to an estimated 134,000 pensions, mostly women, being underpaid over £1bn in State Pension entitlement.

Projections from the government's Office for National Statistics suggest that the rise in life expectancy over recent years is slowing down. 

Falling life expectancy could help 20m pension savers avoid the threat of an increasing State Pension Age, according to actuarial pensions consultancy LCP.