New data from the Association of British Insurers has revealed “alarming” numbers of pension savers entering retirement and pensions drawdown without taking any financial advice.

The number of pension withdrawals continued to soar in the third quarter of 2018 leading to suggestions that some pensions savers are treating their pensions like bank accounts, tapping them for cash when they need it.

British workers are the most likely in Europe to ‘phase’ their retirement by working at least part time past normal pension age, according to a new study.