Whilst the majority of UK workers between the age of 43 and 58 have clear aspirations for their retirement, only 12% have clear financial goals and a budget for retirement, according to a new report.

The defined contribution (DC) pension system is broken and should be replaced rather than repaired, according to scheme administrator and adviser Willis Towers Watson.

Close to three in five (56%) of Britons think pensions are complicated and confusing, according to a new report.

Londoners are among the least likely people in the UK to seek retirement planning financial advice with just 9% stating that financial advisers have been their main source of retirement advice compared to 18% in Scotland.

Only 37% of UK adults not yet retired know how much they have saved in their pension pot, according to new research.