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Early retirement and ill health are driving early exits from the workforce and having a major impact on the UK economy with an estimated £31bn in lost output annually, according to a new study.

Simpler pension transfers took an average of just 11 days to complete in the lead up to the end of the 2024/25 tax year.

More than 1.5m UK workers say they cannot afford to save into a pension.

Two in five, 43%, UK workers don’t know how much they are contributing to their workplace pension.

Workplace pension provider TPT Retirement Solutions has launched a DC decumulation product, which it said has been designed to simplify retirement income planning for savers.

A fifth, 20%, of people don’t know what type of pension they have.

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