The financial services sector has seen a sharp fall in optimism since Chancellor Rachel Reeves’ first Budget in October, according to the latest quarterly CBI Financial Services Survey.

Women over 55 will receive nearly £6,000 less in pension income annually than men while spending £1,200 more than their expected pension income each year in retirement.

Four out of five financial service customers are either very concerned or somewhat concerned about tax increases from the new Labour government, according to a new survey.

Pension trustees have been urged to act ahead of the looming Pensions Dashboard staging dates to avoid unnecessary costs, protect member benefits, and ensure a smooth transition to their endgame strategy.

It was announced on 16 December that Rachel Reeves was pressing pause on the second stage of the pensions review, a review that was expected to contain the long-awaited extension of auto-enrolment and measures to help the self-employed save for retirement.