Almost £2bn has been lost from UK pension pots and SIPPs since 2019 because of financial advisers and providers going out of business, according to new data from the Financial Services Compensation Scheme.

New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.

Half of adults expect to work to at least the State Pension age, currently 66, but half of under 50s believe there probably will no longer be a State Pension by the time they retire, according to a think tank’s research.

The Association of British Insurers (ABI) has warned the Government that proposals to introduce lifetime 'member choice' pension pots risk undermining the success of automatic enrolment.