Around £25 billion's worth of pensions business on UK life insurers' books is at risk of overcharging customers, according to a government audit published Wednesday, meaning the firms will have to take remedial action that could hit their bottom lines.

The Independent Project Board said Wednesday it has received data on £67.5 billion's worth of pension funds from 23 major insurers. Around 3.6 million individual savers' pots were considered.