The Money Purchase Annual Allowance (MPAA) has created a pensions tax trap for millions of people aged over 55, according to new research.

The cost of care in later life is the major concern for people aged over 55 working beyond state pension age, according to new research.

The Treasury has been urged to increase the money purchase annual allowance (MPAA) to its original £10,000 level in the forthcoming spring Budget.

Annuity rates have soared in 2022 as gilt yields rose and competitors vied for market position.