The CMI committee said it "was unusual" to see three consecutive years where mortality rates were so much higher than recent trends would suggest.

 Global Total Return Credit invests in a range of credit markets to provide total returns, including income and capital growth.

An improvement in annuity rates experienced over the past 18-months has brought forward the break-even point at which pension savers get their original investment by five years, according to Canada Life.

Inflation will see pensioners incomes rise next year, as the state pension benefits from the triple lock boost.

Pension schemes are well positioned to provide additional support to savers during the cost-of-living crisis, the PLSA believes.

The red and amber flag system introduced in November 2021, may have increased transfer waiting times, the Department for Work and Pensions has admitted.

A survey of 1,500 people also found friends and family were the most popular choice when it came to discussing retirement plans.