National Financial Planning group Continuum has predicted that annuities may see a return to favour as advisers try to cope with the impact of soaring inflation on their clients.

Savers not shopping around or seeking financial advice are losing out on up to £7,700 over a 20 year retirement, according to a new report.

More than 32,000 pension savers have received £135m in compensation from providers who failed to inform them about enhanced annuity options, the FCA has revealed in its Annual Report and Accounts.

The average pension fund increased 13.3% in the second quarter of this year, the strongest quarterly performance since Q3 2009, according to new data.