The Association of British Insurers has warned that Government proposals to reform the calculation of the Retail Prices Index (RPI) could cost pension savers £122bn if plans go ahead to implement the changes from 2025.

Insurers paid £90m over 7,000 life insurance claims to the families of people who died due to the Coronavirus pandemic between 1^st March and 31^st May 2020.

March and April saw big falls in the number of people enquiring about and accessing their pensions, according to data released today.

The ABI says that its board chairman Jon Dye, chief executive, Allianz Insurance, and deputy chairman Julian Adams, director, public policy and regulation at M&G have agreed to extend their current roles to serve a full two year term, ending in summer 2021.