One in eight people intending to purchase an annuity would not consider switching from their existing pension provider to another supplier, even if they could potentially gain additional retirement income.

Pensions consultancy and SIPP firm Barnett Waddingham has been acquired by insurance intermediary Howden for an undisclosed amount.

There will be a “Spring Statement silence” on pensions, when the Chancellor makes her latest update on the UK’s finances on 26 March, according to pension provider Aegon.

Pension provider Phoenix has confirmed that it is planning to launch a retirement advice service through its Standard Life brand, although it is yet to reveal when the new advice service will be launched to consumers.

Defined benefit pension transfer values have fallen to the lowest observed rate since the XPS Group’s Transfer Activity Index was established in 2018.