Nearly half the pension savers who have used pension freedoms to access their pension pot fear running out of cash in retirement, according to new research.

Sipp and platform provider AJ Bell has urged the Chancellor to avoid slashing pension tax relief in the Budget after speculation that the Treasury will need to cut pensions relief to make up for shortfalls in revenue and to curtail the rising cost of pre and post-retirement tax benefits.

A new government body offering money and pensions guidance and debt advice to consumers is to be set up to provide a one-stop source for personal finance advice.

Pension transfer values have hit a record high and two pension providers have warned that growing transfer values could spur a growth in pension scams.