A record £2.3bn was taken out of pensions pots under Pension Freedoms rules in the second quarter of 2018, HMRC figures have revealed.

A new campaign has been launched which aims to end the “injustice” suffered by 5m retirees stuck in the “annuity trap.”

New research has found that 1 in 5 pension savers (20%) over 50 have changed their retirement plans because of the Pension Freedoms as the retirement planning sector sees a major change in direction.

Financial Planning and retirement advice firm LEBC has called for the creation off a new ‘cooling off’ period on pension withdrawals under Pension Freedoms.