The difference between the best and worst annuity in the open market could pay an extra £13,240 in income or £662 a year over a typical 20-year period, according to Canada Life.

The transfer value a typical DB pension could attract fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.

Pensions and SIPP firm XPS Group has reported a 23% growth in revenues to £94.5m for the latest half year.

After years of sharp growth in participation during the roll-out of auto enrolment, workplace pension growth has stalled, according to new data from the Department for Work and Pensions.

>>>In his new monthly column for SIPPs Professional, Barnett Waddingham SIPP expert James Jones-Tinsley looks at the difficult pensions road ahead for the Chancellor.