Royal London

Some 40% of millennials plan to increase their monthly pension contributions next year, according to Royal London's recent analysis.

UK households have not stopped saving to go on a debt-fuelled consumer spending spree, according to research from Royal London, despite official figures revealing the savings ratio is at a record-low.

Royal London saw its group pensions new business grow to £2.5bn in the first half, compared to £1.9bn in H1 last year, according to its interim financial reports.

Some 96% of retired households had disposable incomes of over £10,000 by the end of the 2016 financial year (FYE), a significant rise from just 21% in 1977, according to the Office for National Statistics (ONS).

A rise in pensioner incomes and the freezing of pensioner tax-free allowance mean one in five taxpayers are now over the age of 65, Royal London says.

More than 10,000 counts of tax overpayment relating to pension freedoms have led to a £26.8m bill for HM Revenue & Customs (HMRC), latest data has revealed.

A total of £12.7bn has been withdrawn from pensions since Freedom and Choice was introduced in April 2015, according to latest HM Revenue & Customs (HMRC) statistics.

Alan Rubenstein is to step down as chief executive of the Pension Protection Fund (PPF) after nearly nine years in the role.

Plans to raise the state pension age (SPA) to 68 seven years ahead of schedule by 2039 has been welcomed by the industry as a necessary move to reflect rising life expectancy and keep costs affordable.

The reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 per year will apply retrospectively from April 2017, after the Treasury confirmed plans to reintroduce tax relief cuts from that date.