“Even if your scheme were to go bust, the Pension Protection Fund is there to step in and protect your benefits."

What could it mean for mortgages?

The mortgage market, however, appears to be a greater cause for concern.

Ms Barrett said: “Interest rates have gone up seven times since December 2021, with the rates offered by lenders following suit. We’re likely to see further rate rises when the UK central bank's Monetary Policy Committee meets again in early November.

“Anyone on variable rate mortgages will have already seen their monthly repayments rise sharply. Those of you on fixed-rate deals have been shielded so far but could face much higher monthly costs once these expire, placing a further squeeze on household finances, which are already feeling the pinch from the rising cost of living.

“This means securing the right mortgage deal has never been more important. I would urge anyone in this situation to seek mortgage advice as soon as you can.”

What does it mean for the pound?

September’s Tory mini-Budget announcement caused a severe dip in the sterling’s value versus the dollar, as well as turmoil in the bond markets. The value of £1 dipped as low as $1.05 before subsequently recovering, but remains below the pre-Budget mark of $1.12.

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