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Pension holders should be able take out a small amount from their pot to pay for pre-retirement advice, a major review has proposed.

Radical pension reforms could significantly boost the pension savings of the majority of earners, but at the cost of substantial losses to high earners and major disruption to the industry, a report concluded.

Sipp contributions more than trebled compared to the previous year, Fidelity International’s pension inflow figures showed.

A co-founder of a leading Sipps firm says the FCA is looking to the sector to become smaller but formed of well-run, financially strong operators.

Sipp firm: Doubts over tax relief cost Treasury £billions

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