The average worker is on course to miss their target annual retirement income by £12,000, according to new research.

People wanting to maximise their state pension by plugging gaps in their National Insurance record have contributed to a total of 68,673 years, worth £35m, since April last year, HMRC said.

The FCA’s ban on contingent charging introduced in 2020 led to a dramatic fall in the number of DB transfers, but had little impact on fees, the regulator said.

The Pension Protection Fund (PPF)’s decision to reduce the amount it will levy on defined benefit pension schemes from £100m to £45m, has been welcomed by the Pensions and Lifetime Savings Association (PLSA).

The Financial Conduct Authority has published proposals today which would pave the way for a new generation of smaller corporate bond issues aimed at retail investors and wealth managers.