Single pensioners need £257,000 more than couples to achieve a comfortable living standard in retirement, according to analysis by Standard Life, part of the Phoenix Group.

Annuity and retirement specialist Just Group has reported a 154% jump in first-half profits boosted by bumper annuity sales and higher new business income.

Legal & General said its operating profit for the first half of the year was £941m, boosted by its bulk annuity business.

The annual growth in average pay including bonuses hit 8.2% in June, according to figures published this morning by the Office for National Statistics.

The Pension Awareness campaign will mark its first decade with a five-day event from 11 to 15 September.

Former Pensions Minister Baroness Altmann has called on policymakers to look at other ways to solve rising state pension costs than raising the starting age, cutting the amount or more means-testing.