Pension savers are losing £1.2bn each year by unwittingly transferring their pensions to higher charging providers, a new study warns.

New research suggests millions of older pension savers have little idea about what the State Pension is worth - with 40% of 55 to 64-year-olds in the dark about their State Pension forecast.

Aviva has called on the government to provide more support for younger pension savers after its research revealed that many were in the dark about how much they needed to save.

One in four large employers (26%) have reported a rise in the number of employees actively opting out of their pension scheme, according to new research.