The volume of Defined Benefit (DB) pension transfers doubled to £21bn last year, newly-revealed figures have shown.

New research by a retirement provider has found that the pension pot needed to avoid an uncomfortable retirement has ballooned to £260,000 and could be even higher.

A call by Aviva’s chief executive Andy Briggs to ban contingent charging has been criticised as “too heavy handed” by an expert.

Pension savers transferred £14.3bn out of DB schemes in the 2017/18 period, newly released information has revealed.