More than 32,000 pension savers have received £135m in compensation from providers who failed to inform them about enhanced annuity options, the FCA has revealed in its Annual Report and Accounts.

Over 50% of pension transfers covered by one pension firm’s scam protection service have been flagged up as at risk of a scam since the pandemic hit.

Pensions administrations business is behind a growth in recurring revenues at the STM Group and a slight increase in underlying revenue for the first half of 2020, however profits for the group have fallen.

Nearly half of financial advisers who currently offer pension transfers may quit the market in the next 12 months, new research has warned.

Chartered Financial Planner Jack McVitie, the founder and chief executive of retirement advisory firm LEBC, has died at 57 after a short illness.

Industry experts have expressed concern about the Government’s confirmation it will legislate to increase the age the Pension Freedoms can be accessed from 55 to 57 from 2028.