Only 4% who were aware of the possibility said they would consider making contributions for someone else or have already done so.

879 customers paid a total of £69.1m into bonds which have since defaulted.

Just over 1 in 5 of all pensioners have state pensions above the income tax threshold.

More than 23,000 of the 28,118 amber flags raised were due to either an unknown reason or for a potentially low risk transfer.

Half of early pension dippers didn’t receive any advice or guidance before accessing their pension.

Weekly pension income has only increased by 1% p.a. in real terms over the last decade, while house prices have jumped by two-thirds.

Reintroducing the charge could raise almost £800 million a year but risks causing an exodus of senior public sector workers.

When given four options, 39% selected the incorrect definition of the three factors that make up the triple lock, while 26% admitted they did not know.

Pensioners would get a personal tax allowance that rises in line with the triple lock under the new scheme.

A range of factors, including rise in supplier costs and delivery timetable being extended by two years, have increased the programme’s estimated cost by 23%.