The Institute for Fiscal Studies (IFS) has proposed a new ‘four-point pension guarantee’ to replace the current State Pension Triple Lock.

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.

The Association of British Insurers has called on the government to build on the success of auto-enrolment by raising contributions and expanding coverage.