About one third of savers have "actively enquired" about raiding their pension pots next April following the radical Budget reforms, an advisory firm has estimated.

The surge in calls has been driven by 'misguided rhetoric' about the changes to pensions, according to Reece Fallaize, senior technical adviser at deVere Group, which has published the estimate today.

The firm said one in three clients who have pensions have sought advice on cashing in on their retirement savings since George Osborne's sweeping alterations were first announced.
Mr Fallaize said: "Our consultants report that many individuals are asking about taking out their pension savings even when they don't even have a need for the money. Typically, we would strongly advise against this as while the funds remain invested they still represent great tax efficiency."
He said the new pension rules - including lifting limitations on pensions access to the over 55s - represented "the biggest legislative change on the pensions landscape since 1921".
He said: "Some commentators have been publicly hailing the scrapping of restrictions to pensions access as a victory for freedom and choice for savers.
"It is this misguided rhetoric, the huge amount of media coverage that this policy has received, and presumably the novelty factor of limitless pension access, that is driving the surge in enquiries on this matter."
However, Mr Fallaize said while many are initially attracted to the idea due to what he called "the propaganda surrounding this policy" they have a change of mind when confronted with the implications of going ahead.

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He said: "Once clients are advised on the true implications of accessing their pensions, the vast majority, probably around 95 per cent, decide against the idea of cashing in their pension in favour of a more traditional drawdown method.
"This is because after the first 25 per cent which is tax-free, the rest would be subject to income tax.
"Understandably, most retirees are loathed to give up to half of their hard-earned retirement savings over to the taxman for the privilege of drawing down their own money earlier.
"Those clients who do still want to proceed once the changes come into effect in April are typically those with relatively smaller pension pots of under £30,000."
Mr Fallaize added: "The ability to access pension pots early is contrary to the overriding purpose of having a pension, which is to provide a steady income throughout retirement."