New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.

Half of adults expect to work to at least the State Pension age, currently 66, but half of under 50s believe there probably will no longer be a State Pension by the time they retire, according to a think tank’s research.

The Association of British Insurers (ABI) has warned the Government that proposals to introduce lifetime 'member choice' pension pots risk undermining the success of automatic enrolment.

HMRC has said that it intends to issue a second set of regulations changing the legislation governing the lifetime allowance abolition.