Half (46%) of pension savers who accessed their retirement funds since the advent of Pension Freedoms did so earlier than planned, according to a new report.

Of the remainder, some two in five (40%) of the 4,000 savers surveyed by Standard Life accessed their savings in line with their intended retirement age.

Just 8% said they had delayed accessing their pension savings beyond their original planned retirement age.

The majority of those surveyed (79%) valued the choice and control that the Pension Freedoms legislation provided although some had concerns about the long-term impact.

A quarter (24%) of those who have accessed their pensions said they had worried about whether they would have enough to live comfortably, with 11% already regretting the timing of their withdrawal.

One in ten (9%) reported facing difficulties in managing their pension funds.

Just a third (34%) of those who had accessed their pension savings had sought professional advice before doing so. One in seven (15%) sought advice on an ad hoc bases while 17% engaged with an adviser for ongoing support. Of those who had taken advice, 78% were glad they chose to do so.

Mike Ambery, retirement savings director at Standard Life, said the FCA’s proposed targeted support regime could lead to fewer regrets for retirees, but only if implemented properly.

He said:“If we want to continue revolutionising people’s retirement prospects across the next decade, we need government and regulators to take positive steps towards helping people move from complexity to clarity when it comes to making major financial decisions around retirement.

“The ongoing consultation on targeted support, if implemented properly, has the potential to lead to an accessible solution capable of guiding people towards the right option for them, whether this be a single product or a mixed approach to suit their different needs as they move through retirement. Ultimately, this should lead to improved outcomes – and fewer regrets – for retirees.”

• Opinium surveyed 4,000 UK adults between 11 and 18 February on behalf of Standard Life.