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The pension is effectively becoming the new family heirloom, a Chartered Financial Planner says, as younger generations look to inherit cash rather than things.

A new Retirement Quality Mark to ensure products operate in the customers’ best interests is set to be launched later this year.

A minority of pension holders appear to have forgotten why they saved in the first place, an analyst says, after new data showed they might run out of money in less than a decade.

Average income for retired households continued to rise following the economic downturn and has gone above the 2007/08 level – in contrast to non-retired households which have failed to get back to that same peak.

About 500 clients lost £128million because of pension liberation firms that have been wound up.

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