Most over-55s expect to have spent - or expect to spend - a third of their pensions tax-free lump sum within the first six months of taking it, according to a new study.

DB transfer values fell 8% in the second quarter, according to the latest data from XPS Pensions Group.

Fintech and support services firm Fintel, the owner of SimplyBiz and Defaqto, has acquired digital knowledge and competence management system Competent Adviser.

Only 39% of pension savers are on track for a moderate retirement income of £23,300 a year.

The cost of a comfortable retirement has increased by nearly a fifth in the last two years as average spending by retired households climbs to £23,675 a year, new analysis of the latest Government data has shown.