The number of defined contribution pension transfers in 2023 soared by 22% to 1.2m despite predictions of a decline in the market.

Many pension trustees are falling short of the standards of The Pension Regulator’s codes, the regulator has warned.

The FCA has issued a warning notice to a pension adviser it has branded “reckless” after they gave unsuitable advice to customers to transfer out of their DB scheme over a four year period.

Concerns over the sustainability of the State Pension Triple Lock could be a major influence on the way people vote in the General Election expected later this year, Steven Cameron, pensions director at Aegon, has predicted.