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REVEALED: More than 15 million workers now automatically enrolled into a pension scheme

There was also more good news for pensions with new figures showing a boost to annuity rates on the back of improving gilt yields and a competitive market.

The average annuity rate has improved by 10.6 per cent in just three months, with a £50,000 pension pot now buying a guaranteed income of £2,591 a year, compared to a market low of £2,343 in August.

This would improve the total income received over a typical retirement by £5,208.

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