A pensioner aged 76 - who mistakenly thought he was not entitled to the state pension - has received a backdated pension windfall of £132,800 after intervention from an equity release adviser.

Some 85% of over 50s feel they retired too early, according to a survey of 50,000 of people in this age bracket.

A flexible retirement, involving a gradual reduction of hours and stopping work at an acceptable age, is likely to be a mirage for millions of people based on current levels of saving.