Nearly half of financial advisers who currently offer pension transfers may quit the market in the next 12 months, new research has warned.

Two in five (40%) of people aged 18 to 34 have stopped (12%) or reduced (28%) pension contributions as a result of the Coronavirus pandemic, according to a new report.

Assets under management fell 4.3% to £15.5bn at investment platform Ascentric in the first half of 2020, as parent group Royal London reported a loss before tax of £181m.

Data from today’s Wealth and Assets Survey from the Office of National Statistics has shown that the self-employed continue to invest in property over pensions for their retirement.