Pension savers over the age of 55 are unintentionally triggering the Money Purchase Annual Allowance by tapping into their pension savings to tide them over with the growing cost of living, according to a new report.

The Association of British Insurers has called for the Money Purchase Annual Allowance (MPAA) to be scrapped in the Budget.

More than 8 in 10 (83%) Financial Planners support a reform of the money purchase annual allowance (MPAA) because of the Coronavirus pandemic, a new survey said.

A Treasury rule change on pensions jeopardises retirement saving plans for millions, Hargreaves Lansdown says.