The launch, by the FCA and The Pensions Regulator yesterday, of a joint regulatory strategy aimed at taking action to deliver better outcomes for pension consumers has been backed by the profession.

Reports that the Government was considering a ‘Care ISA’ as part of its forthcoming Green Paper on Social Care have drawn sharp criticism from the profession.

Many pension savers believe they will be working either full or part time when they reach the age of 70.

New research by Aegon revealed that 38% of individuals were not confident about their ability to retire comfortably, with many unprepared when it came to pension savings and arrangements for funding their retirement.