The Money Purchase Annual Allowance (MPAA) poses hidden risk to over 55s who have accessed their pension early due to the Coronavirus pandemic, according to a new report.

Over half of over-50s fear they will run out of money in retirement due to the impact of the pandemic on their income and their ability to save, a new survey has revealed.

More than 1,000 pension savers were hit every working day in 2020 by the Money Purchase Annual Allowance (MPAA), according to new analysis.

New research suggests that 1 in 10 over-55s (11%) have either accessed their pension early or plan to do so due to the Coronavirus outbreak.