Government-funded body the Money and Pensions Service (MAPS) is to combine its pensions services under a new Retirement Planning Hub.

Less than two-fifths (36%) of the average retirement income before tax is made up by pensions, according to a new report.

Single pensioners need £257,000 more than couples to achieve a comfortable living standard in retirement, according to analysis by Standard Life, part of the Phoenix Group.

Annuity and retirement specialist Just Group has reported a 154% jump in first-half profits boosted by bumper annuity sales and higher new business income.

Legal & General said its operating profit for the first half of the year was £941m, boosted by its bulk annuity business.

The annual growth in average pay including bonuses hit 8.2% in June, according to figures published this morning by the Office for National Statistics.