Pension to Sipp transfers have more than doubled since before the retirement reforms were announced in March 2014, new figures suggested.

The average withdrawal per person from pensions since the freedoms were launched has fallen to under £10,000.

The Treasury must avoid putting shackles on the new Pensions Advice Allowance that could deter younger savers engaging with their retirement planning, a pensions firm says.

A pensions analyst has branded a major Government report on fairness and affordability of the state pension ‘underwhelming’.