More than four out of 10 pension savers (44%) reckon they will retire before their current state retirement age even though only half (54%) have a financial plan in place, new research suggests.

More than three-quarters (77%) of adults do not feel confident about how to access their pensions, according to research.

The annuity market is buoyant as the Bank of England’s rate pause has encouraged people to take the plunge, according to platform and investment provider Hargreaves Lansdown.

New research suggests millions of older pension savers have little idea about what the State Pension is worth - with 40% of 55 to 64-year-olds in the dark about their State Pension forecast.