The Government has issued a new Financial Bill which includes the legal mechanism for the abolition of the pensions Lifetime Allowance (LTA).

Proposals from the FCA would require investment advisers to set aside a minimum of 28% of potential liabilities in advance to compensate investors if bad advice is given.

The difference between the best and worst annuity in the open market could pay an extra £13,240 in income or £662 a year over a typical 20-year period, according to Canada Life.

The transfer value a typical DB pension could attract fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.

Pensions and SIPP firm XPS Group has reported a 23% growth in revenues to £94.5m for the latest half year.