Pensions could become more like a bank account into which different employers have to pay, under a shake-up expected in the Autumn Statement.

Annuity rates have climbed again meaning a 65-year-old with a £100,000 pension pot should be able to buy an annuity income of up to £7,144 per year, up from £7,027 two weeks ago and an increase of 20% on the same period last year.

Almost half (46%) of over 55s have no idea how much money they need in order to retire comfortably, according to new research.

More than half of workers (54%) are ignorant about the size of their pension pots, according to a major survey by pensions industry trade body the PLSA.