The Coronavirus pandemic has forced a widespread rethink of retirement plans as 18% change their retirement age and 20% of over-55s have considered raiding their pension savings, according to a new report.

The Pensions Regulator has so far issued 115,459 auto-enrolment fixed penalty notices since the start of the workplace pension scheme in 2012.

When SIPPs were in their infancy they were largely a niche product reserved for the most affluent, small business owners and entrepreneurs.

LV=, the mutual financial provider, has declined to comment on reports that it will sell off or float the business.

Many adults have never discussed retirement plans and finances with their parents despite the impact it might have on later life care, according to new research.