Royal London has warned against a “drastic” proposal to raise the State Pension age to 75.

FTSE 350 DB pension scheme deficits have fallen by nearly a third and a growing number of firms approach the financial position required to buyout their liabilities, according to new research from Barnett Waddingham.

Healthcare cash plan provider Medicash has transferred its £20m DB scheme, which has around 170 members, to TPT Retirement Solutions DB Master Trust.

Aegon has issued a warning over what it called the ‘little known’ money purchase annual allowance (MPAA), which stops people who have accessed their pension flexibly from contributing more than £4,000 into their money purchase or defined contribution pension without a tax penalty.