Workers hoping for a comfortable retirement could find their living standards hit by having to bear the burden of the risk of poor investment performance and uncertain lifespans, according to a leading economic think tank.

Former Abrdn advice director Neil Messenger has formed a new advisory firm called Professional Independent Wealth Advice (PIWA) which will join the Sandringham Financial Partners network.

Abrdn made a pre-tax loss of -£615m last year down from a £1,115m profit in 2021, driven by a decline in investments revenue.

Abrdn has agreed to sell its discretionary fund management business Abrdn Capital to LGT Wealth Management for £140m.