Workplace pension scheme members are losing around £1.7bn a year during their transition into retirement due to choosing costly pathways to access their savings, according to a new report.

Two thirds of advisers say that up to 50% of their business is now from clients in pension drawdown, according to a new survey.

Average annuity rates have a hit a 14-year high and have increased by 52% in the past nine months, according to new data.

Adviser platform Novia has added new benefit crystallisation event and pension income functionality.