Around 6.2million people across the UK are contributing more to their pension than they were in April 2015, Aegon UK has estimated.

The company’s research, looking at the retirement landscape a year after the freedoms took effect, suggested 15% of the working population have been saving more into their pension as a direct result of the reforms.

Nearly a fifth (18%) of those aged 55 - 65 have taken advantage of the new rules, and accessed their pension savings in a way, which was not possible before April 2015.

Kate Smith, head of pensions at Aegon UK, said: “To see 6.2 million people saving more into their retirement pot in the last 12 months is very encouraging news. Although the initial focus of the freedoms was to create individual’s choice and control for those at retirement, these are positive signs that the latest pension reform has had a broader impact in encouraging better savings behaviour amongst younger and older generations alike.”

A tenth (11%) of those aged 55 - 65 have taken part of their pension as a lump sum and just 5% have withdrawn their entire savings pot.

The average amount over 55s have been cashing in is just £13,842, despite fears that the pension freedoms would lead to reckless spending – summed up in newspaper headlines about Lamborghini buying at the time the rules were first announced.

Ms Smith said: “Despite the initial scaremongering, the majority of people aren’t withdrawing vast sums of money to embark on a huge spending spree.”

Some 82% of those aged 55 - 65 were not planning on taking any of their pension savings just now, highlighting that many are taking a longer view on their retirement income.

This was supported by the recent ABI figures which suggest a slowdown in the original “dash for cash” that was observed in the six months post pension freedoms.

Although concern exists about pension freedoms prompting over 55s to fund buy-to-let investments, less than 1% have been choosing this option.

Ms Smith said: “With the government looking to tighten up lending rules over fears that retirees risk their retirement income in the event of a property crash, this choice is looking increasingly less attractive.”

The most common reason for over 55s to withdraw a lump sum from their pots was to settle debts. Almost one third (30%) of those cashing in have used the money to pay off debts.