Canada Life Group has reached an agreement to acquire the annuity and retirement product specialist Retirement Advantage in a sign of further consolidation in the annuity market.

Potential scammers have targeted 1.8m people aged over 50 in the last three months, according to a new report.

Some 50% of annuity customers stick with their original pension provider rather than shopping around - losing out on a potential £765m worth of extra income, research has shown.

Another misselling scandal has been prevented after the ticking ‘timebomb’ of annuity re-sales was defused.