The aggregate surplus of DB pension schemes climbed to £230.5bn at the end of June, according to the latest Pension Protection Fund (PPF) 7800 Index.

The proportion of pensions being drawn down at 8% or over has hit its highest recorded level for pots of all sizes, according to analysis of the latest FCA data.

The gap people need to fill between their income aspirations in retirement and the amount provided by the state pension has climbed to £18,552, according to new analysis of DWP figures.