Millions of public sector workers may need financial advice to guide them through their pension options as the Government decides how to respond to the McCloud judgment on age discrimination.

Nearly half of financial advisers who currently offer pension transfers may quit the market in the next 12 months, new research has warned.

Former pensions minister Steve Webb has warned that pension schemes and providers could face a multi-million pound extra compliance bill if individual retirement income forecast are included in Pension Dashboards.

Wealth manager St James’s Place was responsible for 10% of all pension transfers analysed by pensions actuarial consultants Lane Clark & Peacock (LCP).