Pension freedom statistics released today showing that £9.2bn has been withdrawn so far could be masking the danger of people running out of money in retirement, say leading pension commentators.

The FCA is consulting on proposals to introduce two new regulatory returns into Chapter 16 of the Supervision manual (SUP 16) to collect data about the retirement income market from providers of retirement income products.

More than £6 billion in pension freedom payments have been made since the reforms took effect, it was revealed this morning.

The requirement to seek financial advice has been identified as among the main reasons why people have made official complaints about pension freedoms.