An increase in ombudsman complaints about UCIS has been predominantly driven by the rise in complaints from consumers who had taken out Sipps.
Traditional inheritance may be dying out, with a rise in 'giving while living', research has suggested.
Over half of people planning retirement are looking at alternative income such as buy-to-let, with a fifth showing scepticism about pensions.
A final report on the 'failing' market for retirement income is being drawn up by FCA officials.
Retirees will be taking out retirement funds via 'pension bank accounts' by 2020, experts have predicted.
Retirement wealth planning firm James Hay has laid out plans to introduce greater flexibility for clients as the pension reforms kick in next April.
A pensions consultancy firm has predicted the average retiree is set to live on the poverty line.
Retired households paid the equivalent of £45.6 billion in taxes over a year, new research has found, with the average retiree family paying out 30 per cent of annual income to the taxman.
Only about two in ten Britons are putting money aside for retirement – a fall by 16% since 2007 – a study on savings trends has discovered.