Average assets per member of defined contribution pensions have fallen by 66% since the beginning of 2012, according to new data from The Pension Regulator.

Fewer people are cutting pension or SIPP contributions as the cost-of-living crisis eases, according to new data.

Hargreaves Lansdown has posted a record £150bn assets under administration and said the number of net new clients climbed 48% to 1,858,000 active clients in the three months to the end of March.

There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.