One in five - 21% - people who withdrew a cash lump sum from their pension pot did so as soon as they turned 55, many without taking advice or guidance from an expert.

There was a record high in demand for annuities from advisers in the first half of the year, according to figures published today by pensions technology provider iPipeline.

Two-thirds of advisers (66%) say they have changed their processes as a result of the FCA’s Thematic Review of Retirement Income Advice published earlier this year.