Chancellor Rachel Reeves is likely to take a close look at pension tax relief as she looks at ways to raise money for the Treasury in her first Budget next month, consultants LCP have warned.

Pension schemes have been fined more than £33,000 by The Pensions Regulator (TPR) after failing a detailed value for members (dVFM) assessment.

The latest FCA retirement income data for 2023/24 has revealed a 20% rise in the number of pension plans accessed for the first time between April 2023 and March 2024.

There's an urgent need for better at-retirement support, according to former pensions minister Steve Webb, who has called on the FCA to speed up its advice/guidance review.

The Financial Conduct Authority is changing its enforcement approach as it aims to act faster and with more transparency.