Half (49%) of retirees entered retirement without any clear financial plan for their post-work years, according to a new report.

Clients are increasingly worried about the prospect of maintaining their desired standard of living in retirement, according to Teesside Financial Planning firm Active Chartered Financial Planners.

A third (32%) of Britons rank pension planning as their lowest 'life admin' priority, according to research from Standard Life.

Retirees are set to receive an 8.5% increase to their State Pension from April next year as CPI inflation held steady at 6.7% for the year ending September.