An influential group of MPs has warned the UK government that its offer of free “guidance” to individuals on how to handle their pensions finances must be “demonstrably impartial” – a requirement that industry commentators said might be tough to achieve.

The Treasury Select Committee, a group of MPs chaired by Andrew Tyrie which reviews the UK's budget and financial policy, today published its verdict on Chancellor George Osborne's move in March to scrap tax rules that encourage UK retirees to buy annuities - products sold by insurers that guarantee a pension income for life.