According to the Association of British Insurers, around 300,000 pension savers made 1 million pension fund withdrawals in the first year of ‘pension freedoms’, George Osborne’s major 2015 reform which permits personal pension pots to be encashed as from age 55.

The ABI report concludes that 57% of savers withdrew less than 1% of their fund, and 4% withdrew more than 10%. Only a minority made withdrawals which might risk draining their pension pots in a decade or less.