The Government has been urged to announce a Pensions Bill during the King’s speech at the state opening of Parliament tomorrow.

The cost of a moderate retirement income is £25,000 per year for a single person and £36,480 for a couple, according to the latest data from Hargreaves Lansdown’s Savings and Resilience Barometer, published today.

Pension experts have criticised the Conservatives' pledge to raise the tax-free pension allowance via a ‘Triple Lock Plus’ if they win the general election.

The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have called on Government to boost UK growth through greater pension investment in four key areas.