Nearly three out of five over-55s homeowners with mortgages are making major sacrifices to pay off loans by retirement including not saving into their pension.

Kay has held previous roles at Key Group, Lloyds Banking Group, Prudential, and Towergate.

More than three in five (61%) UK homeowners are considering releasing money from their homes in later life to meet their financial needs, according to new findings from the Equity...

HMRC said that retirees "may need to wait until the regulations are in place before taking or transferring certain benefits".

Nearly one in three (29%) over 55s who have retired are not experiencing the retirement they dreamed of.

The regulator found that some firms were not taking account of the needs of their customers.

By comparison, only 28% of those planning to retire later have a clear plan.