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Less than half, 48%, of mid-retirees aged 65-75 who do not pay for financial advice are confident they are on track to make their pension savings last for life.

Andrew Bailey, governor of the Bank of England, has registered his opposition to Government plans to set asset allocation targets for pensions under its new Pension Schemes Bill.

The aggregate surplus of DB pension schemes climbed to £230.5bn at the end of June, according to the latest Pension Protection Fund (PPF) 7800 Index.

SIPP savers are facing a ‘retirement mirage’ as their confidence about achieving a comfortable retirement outpaces their understanding of how they will achieve it.

The aggregate surplus of UK pension schemes against long-term funding targets remained extremely positive at £189bn at the end of June, up £26bn compared to the end of June 2024.

Complaints to the Financial Ombudsman soared by over 50% during the past year to top 305,000 - driven in large part by claims from professional representatives, including claims management companies.

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