The new coalition - combining Just Group, L&G, Moneyhub and Standard Life - has launched to support a successful launch.

A new report has suggested payouts of between £1,000 and £2,950.

25% of advisers prioritise reforms that would lessen tax burden on clients saving for retirement as a key focus for the upcoming government.

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

The 'lifetime' pension provider proposals were first mentioned in last year's Autumn Statement.