Pension firms slash annuity payouts as their profits soar and MPs announce inquiry into insurers amid fears savers are being ‘robbed’ in retirement

MPs are to launch an inquiry into insurance companies amid fears that tens of thousands of savers are being ‘robbed’ in retirement. Firms have slashed annuity rates by up to 17 per cent since pension freedoms were introduced by the Chancellor last April, a Daily Mail investigation has revealed.