Pension investments rose by 66.3% year on year in the third quarter to hit £13.4bn, according to analysis from intermediary database provider Equifax Touchstone.

The boom in pension transfers is set to continue with news that flexible drawdown pension transfers surged by 13.6% (£114m) in the second quarter of this year to reach £954m.

A new survey has revealed the rapid growth of Centralised Investment Processes (CIPs) with 82% of intermediaries now using a CIP and 76% using model portfolios.

New pension investments (excluding transfers) soared by almost a quarter in 2016, rising from £14bn in 2015 to £17.4bn, suggesting a recovery in pension savings.