The Department for Work and Pensions (DWP) has shared six previously unrevealed errors in State Pension payments it has had to act to correct since 2007.

MPs on the Public Accounts Committee have attacked the “shameful shambles” which led to an estimated 134,000 pensions, mostly women, being underpaid over £1bn in State Pension entitlement.

New red and amber warnings on risky pension transfers come into force today following a Department for Work and Pensions initiative.

The Department for Work and Pensions is to introduce a threshold below which pension providers will be unable to charge a flat fee to savers.