Analysis of Government figures by pension and investment firm Aegon has found there are 840,000 retired couples in the UK who have a weekly income which would cost more than  £1.15m if bought as an annuity.

According to adviser research from Aegon the demand for DB advice remains strong with nine out of 10 advisers, who are or have been active in advising on defined benefits, saying there are still many individuals who would benefit from taking advice.

Two providers have criticised reports that a government minister wants to open the door to first time buyers being allowed to tap their pension early to get on the housing ladder.

New research from Aegon has shown that around 70% of advisers are wary of giving advice on defined benefits due to the complexity of FCA regulations.